Muhammad Ali Bukhari from Toronto writes for DOT
As New Year begins, an incredible amount of loans from various banks of Bangladesh with forgery have been revealed. Bangladeshi national newspapers have focused this problematic issue with continuum of culprits accused by the country’s Anti Corruption Commission (ACC), which drawn attention of expatriates living in Canada. They outrageously expressed concerns in the social media about “social vices” for upholding their community image. Also, they accused unidentified corrupt ‘immigration consultants’, ‘money remitters’, ‘mortgage agents’, ‘realtors’ and ‘accountants’ for providing means in making Canada a fertile land of money laundering for ‘investors’ under the immigration system. For such, Canada’s fight against dirty money is still in its infancy, where Bangladesh remains vulnerable.
Earlier, Canada’s invasive money laundering problem through media has entered the mainstream consciousness and drawn clear connections between dirty money from overseas and the housing crises in Toronto and Vancouver with boosting velocity in the economy.
Thus, the IMF, World Bank, governments and businesses at all levels need a multi-stakeholder framework to prevent and detect indications of money laundering and related forms of misconduct, particularly from underdeveloped to developed nations. Then people can hope for true prosperity, and that surely depends on governments in an age of globalization.