Canada has maintained a ban, introduced in 2023, preventing foreign nationals from buying homes as the housing shortage for its citizens continues to deepen.
At the end of last December, Ottawa clarified that the ban applies only to residential properties in urban areas. However, it does not cover recreational properties such as summer cottages.
Due to soaring house prices, many Canadians were unable to buy homes. During the 2021 election campaign, Prime Minister Justin Trudeau proposed this temporary two-year measure. Later, its duration was extended until December 2025.
The ruling Liberal Party stated that buying homes in Canada had become a lucrative opportunity for wealthy businessmen and foreign investors, driving up the prices of vacant and unused properties. “Homes are for people, not for investors,” the party emphasized.
As a result of the ban, money launderers from Bangladesh can no longer purchase property in Canada. However, despite this restriction, money laundering to Canada has not stopped.
According to data from FINTRAC, the federal agency responsible for monitoring money laundering and suspicious financial transactions, between August 2024 and July 2025, about Tk 1,380 crore was transferred from Bangladesh to Canada. Of this, only Tk 28 crore went through legitimate channels—mostly tuition fees paid by Bangladeshi students studying there. The rest of the amount is deemed suspicious. A recent incident offers a clue as to who might be behind these transfers.
A. F. M. Shahinul Islam, the recently dismissed head of the Bangladesh Financial Intelligence Unit (BFIU), faces grave allegations of money laundering, tax evasion, and concealment of wealth. A recent investigation by the National Board of Revenue’s (NBR) Intelligence and Investigation Unit found that he conducted transactions worth crores of taka through banks, mobile financial services, and credit cards—much of which was not declared in his tax returns. Notably, he sent large sums of money to his daughter, Nova Islam, in Canada, most of which was undisclosed in his tax records and illicitly transferred abroad.
According to tax intelligence sources, a substantial amount of money was transacted through one of his accounts at Eastern Bank. Shahinul claimed he had sent only Tk10 lakh to his daughter in Canada. However, bank records show that the total amount transferred to her was Tk 1 crore 10 lakh 80 thousand 935—meaning he concealed nearly Tk 1 crore 80 thousand 935 in his tax filings and laundered it overseas.
NBR officials suspect that beyond the formal banking system, he may also have transferred large sums through hundi or informal channels, disguising the transfers as education and living expenses for his daughter.
Investigations revealed that Shahinul maintained multiple bank accounts under his name at Dutch-Bangla Bank, BRAC Bank, One Bank, Premier Bank, Rupali Bank, and Eastern Bank. Between fiscal years 2018–19 and 2023–24, these accounts saw transactions worth several crores of taka:
2018–19: Tk 32,61,120
2019–20: Tk 42,69,865
2020–21: Tk 67,44,957
2021–22: Tk 1,01,25,467
2022–23: Tk 73,02,100
2023–24: Tk 93,16,292
In addition, large transactions were found in his names in mobile financial services such as bKash and Rocket, none of which were accurately reported in his tax returns.
His wife owns a 1,105-square-foot apartment in Siddheswari, Ramna, Dhaka, declared at only Tk 31.3 lakh in tax filings, though its market value exceeds Tk 71 lakh. Despite having no legitimate source of income, the flat was purchased in her name.
Another flat on Pragati Sarani is registered under his father-in-law, Alauddin Khan, where Shahinul currently resides. The deed lists its value as Tk 4 lakh, though the actual market value is over Tk 30 lakh. Investigators confirmed that this property was purchased with Shahinul’s illicit earnings. Notably, although the father-in-law holds a TIN, he has never filed a tax return.
Investigators also found a fixed deposit (FDR) worth Tk 20 lakh under Shahinul’s name in a bank, which was not disclosed in his tax return. Furthermore, he possesses several credit cards linked to high-value transactions believed to have been made using illegal funds.
A senior tax intelligence officer, speaking on condition of anonymity, said, “Comparing Shahinul’s bank accounts, credit cards, cash, bKash, and Rocket transactions with his income tax records reveals massive discrepancies. Even though his daughter is studying in Canada, the huge sums sent to her were not reported in his returns. This is direct evidence of money laundering.” He added that substantial amounts might have been transferred through hundi channels as well.
Following a scandal involving a woman, Bangladesh Bank placed Shahinul on leave, and on September 8, the government canceled his appointment. Beyond that, his extensive financial irregularities, tax evasion, and money laundering have now become a major public controversy.
Experts in the financial sector believe that Shahinul’s blatant disregard for the law—while holding one of the highest positions in Bangladesh’s financial system—poses a serious threat to the country’s financial discipline.
Shahinul is not alone. Over the past year, many influential individuals have also funneled illicit money into Canada. Money-laundering experts say there are two main groups behind these transfers: those who fled Bangladesh after August 5 last year and are now living in Canada after selling off their domestic assets, and those who have recently become wealthy and sent vast sums to Canada under the names of their close relatives.
Bd-pratidin English/ ANI
