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Toronto-Dominion Bank Pleads Guilt to Money-Laundering, and What a Canadian Ape Plans to Do About It
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No brigading here. I'm angered when nonsense about Canadian banks get posted in this GameStop forum, (especially, when someone suggests a Canadian bank is about to fail, when it's been a century since a bank failure in Canada, while lots of banks in the States fail every year). Here's the news as reported in Canada:

https://www.cbc.ca/news/business/td-bank-penalties-1.7348819

"Toronto-Dominion Bank has been ordered to pay a total of $3.09 billion US in fines after pleading guilty to multiple charges, including conspiracy to violate the Bank Secrecy Act and commit money laundering. 

"The bank has also received a cease-and-desist order and non-financial sanctions from the Office of the Comptroller of the Currency (OCC), including an asset cap that put limits on its growth in the U.S. after it was found that TD had "significant, systemic breakdowns in its transaction monitoring program."

"U.S. Attorney General Merrick Garland said TD created an environment 'that allowed financial crime to flourish.' 

"'By making its services convenient for criminals, it became one,' he said in a press conference Thursday. 'Today, TD Bank became the largest bank in U.S. history to plead guilty to Bank Secrecy Act program failures, and the first bank in history to plead guilty to conspiracy to commit money laundering.'

"He said TD admitted in its plea agreement it allowed three money-laundering networks to transfer more than $670 million US through TD Bank accounts over a six-year period, actions which many employees were aware of, yet went unaddressed."

There's more; but, basically, the crimes were committed in New York and New Jersey branches of TD Bank, (laundering money from fentanyl sales for Chinese drug gangs), while head office in Toronto did little to stop it (its anti-laundering effort being understaffed and underfunded). This crime has been known about for months, and today's news is U.S. Attorney General Merrick Garland's statements on this case.

How about in Canada? Sad to say, not much.

TD Bank's CEO will retire in April. He's very sorry and said: "We should have done better. We know what the issues are, we are fixing them as we move forward. We're ensuring that this never happens again."

In Canada's government, (a parliamentary democracy, which puzzles Yanks with its several political parties), this TD Bank crime has only gotten attention by two Conservative Members of Parliament: Jasraq Singh Hallan, ("TD Bank is accused of money laundering the proceeds of fentanyl sales by Chinese drug lords," Standing Committee on Finance, June 18, 2024), and, Michael Chong, ("What is the Government of Canada doing to ensure that none of those illicit proceeds are being laundered through our financial system? I ask that in the context of the recent $3-billion provision that TD Bank has set aside and the recent resignation of the TD Bank CEO in light of money-laundering operations that have been conducted through the bank in the United States. There were FINTRAC fines levelled against big Canadian banks late last year and early this year for failing to comply with anti-money laundering legislation. Other fines have been levied against Canadian banks by the U.S. authorities. What are we doing to ensure that no monies are being laundered through our financial system with respect to what's happening in Sudan?" Standing Committee on Foreign Affairs and International Development, September 24, 2024). It's a minor complaint by one of five political parties. When five members of the Finance committee requested a discussion on this matter, it was dismissed:

https://www.ourcommons.ca/Committees/en/FINA/StudyActivity?studyActivityId=12740313

The Liberal party may lose a "non-confidence vote" near the end of October, then there would be an election.

I will be asking the local candidates, (Liberal, Conservative, New Democrat, Green, and others, but no Bloc Quebecois candidates, here), how they would justify raising the capital gains tax from 50% to about 67% on the sale of U.S. securities, (specifically indicating GameStop as an example, when MOASS occurs once-in-a-lifetime), while a Canadian bank that engages in money-laundering with Chinese drug gangs only pays some FINTRAC fines and lets its CEO retire with no criminal penalties. Mark Gerretsen, (the MP representing Kingston, Ontario), is the Deputy Leader of the Government in the House of Commons, a position similar to the Speaker of the House of Representatives, in the U.S. Congress).

If TD Bank doesn't pay for its crimes, (in Canada), then why are Canadian Apes being taxed more on their tendies, ("just to pay their fair share")? Making it an issue!

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