Financial Crime World

Title: “Dirty Money”: Unchecked Financial Crime Corroding the Very Core of Canadian Society, Alleges New Book

Introduction

A new book, “Dirty Money: Financial Crime in Canada” by professors Rosanne Leuprecht and David W. Ferris, sheds light on the vast “financial underworld” operating within the Canadian borders. This provocative book asserts that this unchecked crime scene is contributing to housing crises, gang violence, shootings, opioid overdose epidemic, and human trafficking.

The Financial Crime Ecosystem in Canada

The authors argue that financial crime in Canada fuels globalization’s “powerful accelerant” and reveals the struggles Canadian authorities face when enforcing even minimal regulatory measures.They outline how financial crime in Canada manifests, with instances of:

  • Money laundering
  • Fraud
  • Non-compliance with anti-money laundering regulations

Despite efforts from law enforcement agencies like FINTRAC and the RCMP to combat these crimes, Leuprecht and Ferris claim much more is needed.

Economic Consequences of Financial Crime

Financial crime’s reach extends beyond the individuals and businesses engaged in illicit activities, impacting society in significant ways:

  1. Worsening Housing Market: In places like Vancouver, financial crime’s contribution to the inflated housing market is pronounced.
  2. More Violent Society: Unchecked financial crime can lead to a more violent society, fueling gang violence and shootings.
  3. Opioid Overdose Crisis: The authors argue that the financial crime world facilitates the exchange and distribution of illicit drugs, fueling addiction and overdoses.

Potential Solutions

Despite these challenges, Leuprecht and Ferris believe that financial crime is a fixable problem. They propose potential solutions, such as:

  1. Collaboration: Increased collaboration among law enforcement agencies, civil society organizations, and governments.
  2. Accountability: Encouraging public awareness and demanding greater accountability from those in power.

Conclusion

“Dirty Money: Financial Crime in Canada” emphasizes the pressing need for stronger regulation and transparency within the Canadian financial system. With the book’s release, it remains to be seen whether Canadian authorities will heed the call for change. This is a rallying cry for all Canadians and those living near the border to stand up against financial crime and demand a safer and fairer future.