The Royal Canadian Mounted Police (RCMP) has apprehended two individuals, Said Aimeur and Nesreddine Atoui, under charges related to terrorism financing in connection with an illicit currency exchange scheme.
The alleged operation involved surreptitiously moving more than $20 million from Canada to Algeria, with China serving as a key intermediary.
“The investigation was conducted by Integrated Proceeds of Crime (IPOC) and focused on a 13-month period,” the RCMP stated.
The RCMP’s investigation was first prompted by red flags in banking transactions reported by the Financial Transactions and Reports Analysis Centre (FINTRAC).
Money Laundering and Terrorist Financing
Both Aimeur and Atoui face charges under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act for operating an unregistered money services business.
If convicted, they could be sentenced to up to five years in prison and/or fined up to $500,000. The accused individuals are scheduled to appear at the Montréal courthouse on December 1.
The RCMP’s Communications Office told The Counter Signal they “do not have information” on the citizenship status of either individual, which CTV reported as “Montreal-area men.”