What harm can crime committed in the Caribbean possibly cause to the economy here in Canada?
Plenty, according to a new study by the University of Calgary’s School of Public Policy.
Crime trends in the Caribbean are becoming increasingly prevalent in Canada. A large number of Canadians vacationing in the Caribbean and investments in the region by Canadian businesses – particularly in finance and resources – mean increasing connections to the area, and rising crime there means an increase in crime here.
The Caribbean drug trade, money laundering and terrorist groups within close proximity of the Caribbean Windward Islands are all cause for concern, according to study author Cameron Ross.
“The use of the Internet for financial transactions and the emergence of digital currencies have made regulatory control challenging,” Ross said.
“This is significant considering the Canadian tourism, banking and resource development in the region that have caused steady flows of Canadians, money and expertise to the Caribbean.
“Although Canada’s low crime rates are the envy of most of the world, they are still disturbing to Canadians,” Ross said.
“Whether the crime emanates from local street gangs or from white-collar money launderers, the impact on the quality of life of all Canadians should be addressed.”
To reverse the trends, the report recommends that Canadian financial institutions play a role in research of Canada/Caribbean relations and the establishment of an academic institution to study these areas. The research should devote a substantial amount of attention to researching anti-money-laundering policies and other reforms.
The full study can be found here.
