U.S. INDICTS ALLEGED CORRUPT CHINA OFFICIAL AND WIFE FOR MONEY LAUNDERING, VISA FRAUD – from FCPA Blog
Last month, US arrested Zhao Shilan and her ex husband Qiao Jianjun, both 51, in Newcastle, Washington, a suburb of Seattle. This isn’t the normal visa fraud story. It has multiple parts.
US has laws that allow a wealthy foreigners to own a business in the US with an investment of at least $500,000 and must create some jobs to gain a visa, specifically an EB-5. The idea is to encourage foreign direct investment. The minimum required is $500,000. The Chinese couple, they were married at the time, bought a home in Newcastle for $500,000.
Here’s the string of lies:
- Zhou and Qiao are married, but they aren’t, so, Qiao doesn’t qualify as family.
- Neither owns any business in China.
- Qiao performed an illegal transaction at a grain storehouse, where he was a director, to acquire the funds for this real estate purchase.
Zhou has been arrested and faces charges for immigration fraud and money laundering, which could land her in jail for 30 years if she were to do them consecutively. Qiao is a fugitive and has not been found.
About the Author: Marcus Maltempo is a compliance professional with more than a decade of experience helping banks, law firms and clients manage investigations and regulatory responses. He is the author of the forthcoming book History of Money Laundering: How criminals got paid and got away.