CBC News Posted: Mar 9, 2012 5:48 PM CST Last Updated: Mar 9, 2012 5:42 PM CST
http://www.cbc.ca/news/canada/saskatchewan/story/2012/03/09/sk-money-laundering-case-120309.html
A Saskatoon man accused of dealing in cocaine is also facing charges that he illicitly moved over $300,000 in cash in an alleged attempt to launder the proceeds of crime.
Information about the case was released Friday by police, who said their investigation began in 2009.
Police said their initial investigation uncovered a kilogram of cocaine and a prohibited firearm. They continued working on the case and, in 2010, laid money laundering charges.
The accused, a 30-year-man from Saskatoon, is set to appear in court next week.
According to police, the man laundered over $300,000 in cash. Some money went through Costa Rica, they said.
Police said the man also used money gained from criminal endeavors to buy two homes and build an investment portfolio.
"He purchased a primary residence in Saskatoon worth over $350,000.00, a revenue property in Prince Albert valued at approximately $130,000.00, and had accumulated approximately $150,000.00 worth of investments held by a British Columbia investment firm," police said.
They added that authorities have either seized the items or effectively frozen the assets as the case works it way through the courts.
If the prosecution is successful, the assets -- which include some $90,000 in cash seized in 2009 and a classic 1973 Dodge Challenger -- may be the subject of a forfeiture application.
Police said their investigation was aided by specialists in forensic accounting.