Title: “Critic Sanaa Ahmed: Canada’s Money Laundering - Deliberate ‘Distressed Jeans’ Design?”
University of Calgary’s Dr. Sanaa Ahmed: Canada’s Money Laundering Laws by Design, Not by Chance
Assistant Professor Dr. Sanaa Ahmed of the University of Calgary’s Faculty of Law has raised concerns about Canada’s porous money laundering laws, likening them to the holes in a pair of distressed jeans - not by accident but intentionally.
The Sincerity of Canada’s Commitment to Fight Money Laundering: “Laundering as Public Policy”
Dr. Ahmed, a globally recognized money laundering expert, challenges the common notion that Canada unintentionally became an international hub for financial crimes. She has coined the term “laundering as public policy.”
“When we talk about Canada’s anti-money-laundering regime, I like to use the analogy of a pair of distressed jeans. We can no longer deny that the holes are part of the design.” – Dr. Sanaa Ahmed
- The argument that political elites may intentionally ignore this issue might make many Canadians uneasy.
- Despite the country’s commitment to peace, order, and good government, Ahmed’s comments force us to question the motivations of those entrusted with preventing financial crimes.
Canada’s Failure to Combat Money Laundering: 35 Years of Broken Promises
Canada’s inadequate efforts to prioritize money laundering prevention, despite commitments over the last 35 years, have cost the country heavily. Numerous regulations enacted since the late 1980s haven’t hindered unlawful financial activities from growing.
- Major banks and corporations, as well as criminals, have successfully “snow-washed” their illicit proceeds through provincial shell companies.
- The ongoing issue of money laundering through casinos, otherwise known as the “Vancouver model,” remains a significant concern. This illicit practice generates an estimated $45-113 billion annually for the Canadian economy.
The Consequences of Ignoring Money Laundering
The ramifications of this trend cannot be overlooked. Ahmed’s argument suggests that the state may benefit financially from money laundering through increased tax revenues and fees. Furthermore, industries like real estate, construction, and immigration are all susceptible to illicit financial flows.
A Critical Perspective: Understanding the Role of the State in Money Laundering
Ahmed’s analysis offers a critical perspective, compelling us to reexamine the role of the state in addressing financial crimes. She argues that a serious commitment to addressing financial crimes necessitates confronting the paradoxical nature of the state’s actions and policies.
A Call to Action: Demanding Transparency and Effective Approaches
As Canadians, we need to acknowledge the evidence supporting Ahmed’s argument and engage in an open, inclusive conversation about the role of the state and our collective future. It’s time to demand a more transparent and effective approach to preventing financial crimes and protecting our economy and communities.
“A few errors in judgment or miscalculations could potentially be explained away, but an entire series of contradictory policies, regulations, and inaction from the executive, legislature, and judiciary require more in-depth scrutiny.” – Dr. Sanaa Ahmed