I am pleased to hear that indictments were announced in Washington today in relation to mail fraud and wire fraud Three of the four individuals are associated with a Vancouver payment processing company, PacNet Services. PacNet operated in downtown Vancouver until 2016.
The Vancouver Police Department began its own investigation into PacNet’s international money laundering mechanisms in the fall of 2016 and responded to official requests for assistance from US law enforcement.
PacNet allegedly laundered millions of dollars for international companies as a payment processor. These companies were set up as fronts for individuals and organizations engaging in mail fraud targeting the elderly and other vulnerable victims.
PacNet was a major player in transnational money laundering and was mentioned extensively in Peter German’s report on money laundering in BC.
Today’s indictments mark an important development in slowing down transnational money laundering. The VPD are committed to investigate and assist other international agencies with Mass Marketing Fraud and money laundering cases and have other current investigations underway.
