BC Drug Money Laundering Network had ties to Las Vegas casinos
Posted: March 2, 2021, 8:22 a.m.
Last update: March 2, 2021, 11:51 a.m.
A man suspected by British Columbia authorities of being at the center of an international drug trafficking and money laundering ring held VIP accounts at casinos in Las Vegas, as well as in Macau and the Canadian province.
That’s according to new details revealed Monday at the latest hearing of the Cullen Commission, which is examining the extent of the money laundering problem in British Columbia. And according to the RCMP corporal. Melvin Chizawsky’s money laundering problem in British Columbia could also be Nevada’s problem.
Paul King Jin was identified in 2015 by a Royal Canadian Mounted Police (RCMP) investigation as a suspected organized crime figure with ties to Silver International, an underground bank posing as a currency exchange business in Richmond, Colombia -British.
Chizaswky told the inquest that Jin told police in a 2016 interview that he held gambling credit accounts with anonymous casinos in Las Vegas and Macau, which he used to facilitate travel. game for Chinese nationals.
Vancouver Money Laundering Model
Authorities estimate that Silver International has washed approximately $250 million a year from the casino industry and BC real estate markets. He was using a method of money laundering that was so prevalent in BC casinos that it became known to the international intelligence community as the “Vancouver Model”.
This involved receiving cash from a network of drug cartels which would be reimbursed through equivalent transactions in a maze of Chinese bank accounts. The dirty money was then lent to high rollers on gambling trips from China, allowing them to dodge strict controls on the movement of money out of their home country.
The money would then be gratefully accepted by BC casinos and converted into chips, often in violation of anti-money laundering laws, which require operators to report suspicious transactions to financial regulators.
The tokens could then be cashed out by high rollers who had paid the money in advance through banking transactions in China.
Although he was banned from some local casinos for loan sharking, Jin was observed by detectives making numerous clandestine money drops for high rollers in and around casinos.
Targeted for assassination
The pursuit of Silver International collapsed in 2018 after a judge ruled that going ahead with the case would put a secret police informant “in life-threatening danger”. That’s because prosecutors had accidentally leaked the informant’s name during a standard disclosure of evidence to the defendants’ attorney.
Later, Jin and Silver International boss Jian Jun Zhu were beaten down as they sat in a Japanese restaurant in Richmond. Jin suffered only minor injuries in the attack, but Jian died at the scene.
Jin also operated an illegal casino at his mansion, which was the city’s second most expensive property in 2019, valued at $10 million.
Jin remains under investigation by British Columbia authorities, who continue to build a case against the Chinese-Canadian citizen.