Dirty Money: a Preview
© 2010 FrontLine Security (Vol 5, No 1)

Sneak Preview

Coming in the next edition of FrontLine Security is an examination of the interworkings of organized criminal networks – what are the threats, and what can we do about them. Topics will be targeted at all security stakeholders, including first responders, government security policy managers and every business and individual who is concerned about or has experienced any fraudulent activity or identity theft.  

Our investigation kicks off with two titans of Canadian law enforcement in the illicit finance department. Denis Constant, the former Director General of the RCMP’s Economic Crime unit, who is currently President of Constant Corporate Security & Investigations Inc., and Garry Clement, the former Director of the RCMP’s Proceeds of Crime Program, now President and CEO of White Collar Consulting and Investigative Group, delve into the complexities of dirty money with FrontLine’s Executive Editor, Clive Addy.

Denis Constant describes tainted money as “illicit profits generated in the course of criminal activities.” The global and far-reaching threat associated with money laundering is sustaining increasing levels of criminal activity which in turn will threaten our values and way of life.

As Constant notes, “All of the world’s focus on money laundering has not diminished the levels of organized crime activity. For every loophole we fix, organized crime finds other means. Organized crime and terrorist groups have the resources and skills ... which mirror any multinational corporation.”

Garry Clement suggests Canada adopt a holistic and systemic approach to identify and address the entire spectrum of weaknesses. “We need to develop expertise,” he says, “to keep up with the advances in technology upon which organized crime and terrorist organizations ­definitely capitalize.”

Constant and Clement both bring home the point that the race is on – and the bad guys have the same resources (and ­perhaps more) when it comes to sophisticated financial crime and international terrorism linkages. With refreshing clarity, these experts make the case that it is in our own best interests to seriously bulk up our training and resources across the security personnel spectrum if we have any hopes of winning this war.

These modern challenges of criminal financial networks and fraudulent use of identity for criminal financial gain point to the fact that this is a problem faced by all countries, and is one that is addressable by us all in terms of extra security measures and diligence in release of personal information.  At an institutional level, the banks all need to be looking at increased surveillance and scrutiny as they continue to increase their capacity to process trillions of dollars worth of transactions daily. 

© FrontLine Security 2010