Federal prosecutors let $1-billion a year Chinese money laundering ring slip through their fingers
The RCMP botched a $1-billion a year money laundering investigation in Richmond, B.C., after prosecutors accidentally revealed the identity of an informant.
The investigation was called “E-Pirate” and if successful, it would have been the largest money laundering bust in Canadian history.
The RCMP organized crime unit and China’s national police service collaborated on the investigation.
Operation E-Pirate stretched across several countries including Canada, China, Macau and Mexico.
The business processed an astronomical $1.5 million in cash deposits daily. The money would eventually find its way into over 600 Chinese accounts.