[whatnext]

Originally Posted by CanSpice

Do you have stats on the citizenships of people convicted of tax evasion and money laundering?

Convicted? Given Canada's pathetic record of enforcement probably none. it should be no surprise that TD's recent trip to the woodshed was due to American money laundering enforcement, not Canadian. God knows what examining their Canadian operations closely would find.

How TD Bank got caught up in the global drug war, helping to launder hundreds of millions of dollars
TIM KILADZE
RITA TRICHUR
JAMES BRADSHAWINSTITUTIONAL INVESTING REPORTER
PUBLISHED MAY 3, 2024

In January, 2021, American law enforcement agencies surveilled a suspicious box truck and a Lexus SUV through the streets of Queens, N.Y. Their hunch was that a criminal ring was out to launder drug money.

Starting in a supermarket parking lot, a man and a woman got in the truck carrying three bags, then they drove to a bank parking lot where an Lexus SUV pulled up. Bags were exchanged between the vehicles, and the box truck left.

Shortly afterward, the woman, Yunqin Liu, took a bag from the SUV and walked into the bank, where she made a large cash deposit. Then she drove to another branch of the same bank and did it again. And then deposited even more at yet another branch.

Four months later, the U.S. authorities charged six people with money laundering, which resulted in the lead defendant, David Sze, pleading guilty. Throughout the proceedings, the authorities never named the Queens bank, merely referring to it as FI-1. But on Thursday The Globe and Mail reported that the financial institution is Toronto-Dominion Bank TD-T +0.28%increase
, and the revelation shed light on a years-long investigation that has haunted Canada’s second-largest lender.

“I regret that there were serious instances where the Bank’s AML program fell short and did not effectively monitor, detect, report or respond,” TD’s chief executive officer Bharat Masrani said in a statement Friday. “This is unacceptable and not in line with our values.”

Although TD is not the only financial institution tied to the money laundering operation, the sum of money involved is stunning. U.S. authorities believe the criminal ring conducted more than US$2-million worth of transactions on that single day in January, and that it laundered US$653-million between 2016 and 2021....

https://www.theglobeandmail.com/busi...ng-to-launder/