In a historic crackdown on criminality that reached into the upper echelons of Canadian banking operations in the United States, the U.S. Department of Justice has unveiled a case against TD Bank spanning nearly a decade. Officials revealed that the bank allowed approximately $18.3 trillion to flow through its systems unchecked between January 2014 and October 2023, facilitating money laundering activities for Colombian drug traffickers and three major money laundering networks, including a Chinese crime group operating in New Jersey.
These networks collectively laundered over $670 million through TD Bank’s accounts.
During this period, TD Bank failed to monitor 92 percent of its transaction volume, resulting in over 14.6 billion unmonitored transactions, encompassing a range of high-risk activities. The case has delivered a serious blow to TD Bank’s U.S. expansion efforts and raises critical questions about regulatory oversight in Canada, where some experts argue that gaps in enforcement allowed such lapses to persist.
“TD Bank created an environment that allowed financial crime to flourish. By making its services convenient for criminals, it became one,” U.S. Attorney-General Merrick Garland said at a news conference in Washington.
Some experts contend that Canada’s regulatory environment has become a haven for international crime.
On Friday, Marc Cohodes, a U.S. investor known for exposing financial misconduct, told The Bureau: “The amount of financial crime going on in Canada right now is far greater than the mind can comprehend. It involves housing, mortgages, and illicit funds flowing in from European, Chinese, and South American networks into Canada’s financial systems. The way Canada is welcoming third-world criminals and their funds risks turning it into a third-world enterprise.”
Cohodes said he believes Canada’s government has a “dire and urgent need” to address the reputational harm to the nation stemming from the TD case, and other issues, like casino and real estate money laundering in British Columbia, that Cohodes began publicly commenting on in 2015.
And the solution that will be “provided”?
Well, CBDCs, of course! This will how they will be rolled out, to “prevent monetary crimes”.
Import China, become China.
I keep thinking about what Canada did to the truckers and this TD Bank crap just doesn’t surprise me. A “criminal enterprise”? Yes, of course. They were criminal to the truckers, too.
Now do Canada.
You know all those large retail chains and restaurants that -never- have anyone in them? I don’t have to name names here, everybody knows a few. Stuff that stays open, somehow, despite zero traffic and prices that make your eyes water? Just walk through any mall, you’ll see them. Or the whole freakin’ mall, for that matter. Empty, but miraculously still running.
Guess what that is. And guess who their bankers are.
Bubble bursting?
TD isn’t the first Canadian Chartered Bank to do this in the US. Anyone remember when the Bank of Nova Scotia got itself in money laundering trouble?
In the eighties, the Miami drug cartel took their cash over to the Scotiabank branch in Hamilton Bermuda. Then they headed back to Miami and withdrew the cash from the Miami branch.
Remember when the RCMP had a multi year investigation in BC and all the transactions were in Mandarin and when it got to court, they said it was too complicated to continue and the court stayed the charges?
If for no other reason, being able to speak Mandarin seems like the ideal career option in Canada.
When TD Bank seized the trucker’s bank funds, none of them were Mandarin speakers!
lol…
The gov’t must monitor all transactions!
Canadians are retarded.
Not to worry, Canada … I’m certain Chrystia Freeland is all over this criminal activity. Right? All over it.
She could be part of it.
I don’t like TD Bank but I can’t help noticing that this investigation coincides with the bank trying to expand into the states.
Now you know why I HATE the Blue Jays!
I see that the TD CEO is resigning. Good. Now the board of directors need to. Will RCMP seek criminal prosecution?
Remember in Feb. 2022 the TD CEO said to Freeland:
“if you list them as people subject to sanctions (i.e. as if they are terrorists) we could act swiftly”
No sympathy for the devil.
So the TV program (forget which one) that showed hockey bags full of cash being laundered at BC casinos? Has that ever ended? I doubt it. Turdeau loves Chinese Communists/organized criminals. They help him win elections.
an interesting claim. sadly, as l like to put things, ‘if that’s true it explains everything’.
the top leader of the nation in the pocket of criminals. bhhrrrrr!!!!
TD – Turdworld Dominion.
Yup.
That’s Canada.
Turning banks into unpaid deputies of the FBI amounts to involuntary servitude. Unfortunately the failed war on drugs demands such arrangements. Under the terms of money laundering statutes it’s nearly impossible for any financial institution to know when they have run afoul of the law.
failed war on drugs?
No it’s proceeding magnificently. It’s a partnership between the CIA and organized crime cartels to hollow out America.
If you think that the TD Bank is alone in this practice then you are suffering under an illusion. The banking system in Canada is rife with problems. Canadians are victims of a financial system that is engineered by a government system designed to ‘fleece’ the financially ignorant.
And TD Waterhouse made me close my RRSP accounts with them because I was critical of them freezing accounts. Huh. How about that.
The criminals of the state can’t eliminate “crime” so you want them to reduce freedom for all so that they can pretend to control the proceeds of the criminals they fail to stop. Dan from BC is correct. Their “solution” could be worse and possibly a pretext to bring in CBDCs.
Yes but … think of all the service fees.
TD (US) admitted in 2023 to a DOJ money laundering probe but the Chi-Com Fentanyl angle wasn’t reported until May 2024.
https://www.wsj.com/articles/td-bank-probe-tied-to-laundering-of-illicit-fentanyl-profits-aae71243