Dirty Money
Financial Crime in Canada
Uncovering the hidden flows of dirty money into, out of, and throughout Canada.
Financial crime in Canada remains a mystery: omnipresent, but we know little about its operation. Transactions are cloaked with apparent legality, which makes tracking criminal activity through economic or financial statistics a complex undertaking.
This distinctive volume aims to stem in-, out-, and through-flows of vast sums of dirty money by enhancing Canada’s capacity to detect, disrupt, deter, investigate, and prosecute domestic financial criminals and transnational organized criminal organizations. It brings together leading scholars and practitioners from the public and private sectors to identify and explore deficiencies in federal and provincial policy, regulation, legislation, politics, institutions, and enforcement, as well as the international financial crime regime. Together contributors pinpoint weaknesses that have turned the Canadian federation into a destination of choice for global financial crime, where its perpetrators can operate with impunity.
Dirty Money reveals how globalization and technology have spun an extensive web of clandestine processes that disguises how financial criminals operate, the channels they use, and how they suborn banks and institutions. In the process, the extent of financial crime in Canada and its corrosive effects on communities, democratic institutions, and prosperity becomes apparent.
Contributors: Sanaa Ahmed, John Cassara, Garry Clement, Arthur J. Cockfield, Caroline Dugas, Jamie Ferrill, Cameron Field, Michelle Gallant, Peter German, Rhianna Hamilton, Todd Hataley, Caitlyn Jenkins, Christian Leuprecht, David Maimon, Katarzyna (Kasia) Mcnaughton, Denis Meunier, Pierre-Luc Pomerleau, Stephen Schneider, Jeffrey Simser.
“Transnational financial crime, including money laundering and tax evasion, is a threat to Canadian democracy. This book is an eye opener to the vulnerability of our society to this type of crime which effects our economy and quality of life.” Sunita Doobay, Tax Partner at Blaney McMurtry LLP and Lecturer at Queen’s University School of Law
“Dirty Money provides an eye-opening look at the pervasiveness of financial crime. In chapter after chapter, experts lay bare the ways that criminals exploit blind spots in Canada’s financial intelligence regime. Importantly, this book is chock-full of solutions. Legislators must answer this call to action.” Rita Trichur, Business Columnist, The Globe and Mail
“Featuring contributions from recognized experts, Dirty Money provides a thought-provoking, thoroughly detailed, and often surprising examination of financial crime in Canada, including its current scope and scale, federal and provincial efforts and capabilities to combat this scourge, and steps Canada can take to maintain the upper hand. This is essential reading for legislators, law enforcement, regulators, professionals, and anyone wishing to learn how financial crime thrives in Canada and what we can do about it.” Norman Baldwin, GRC Vista Risk Consulting
“Dirty Money’s comprehensive and penetrating analysis of the challenges raised by financial crime, though focused on Canada, should be required reading for those from many jurisdictions – in particular, from my perspective, members of the US Treasury’s Financial Crimes Enforcement Network.” Walter Hellerstein, University of Georgia School of Law
“Dirty Money offers valuable insight into a vexing and important topic. The expert perspectives of its contributors shed light on money laundering, financial crime, and the ever-present shadow of corruption – all real concerns for today’s governments and the public at large.” The Hon. Austin Cullen, Commission on Money Laundering in British Columbia