Canadian bank fined $1.1M for failing to report suspicious dealings, CTV News, April 5, 2016The federal anti-money laundering agency has levied a $1.1-million penalty against an unnamed Canadian bank for failing to report a suspicious transaction and v… . . . → Read More: In-Sights: "A strong message…"
Canadian bank fined $1.1M for failing to report suspicious dealings
, CTV News, April 5, 2016
The federal anti-money laundering agency has levied a $1.1-million penalty against an unnamed Canadian bank for failing to report a suspicious transaction and various money transfers.
It is the first time the Ottawa-based Financial Transactions and Reports Analysis Centre of Canada, known as Fintrac, has penalized a bank. The centre identifies cash linked to terrorism, money laundering and other crimes…
Fintrac spokesman Darren Gibb says he cannot legally discuss details of the bank’s infraction, and the agency is exercising its discretion to withhold the financial institution’s identity.
But Fintrac wants to send a strong message that it will take whatever measures are needed to encourage compliance with the law…
A strong message, really? Instead, Fintrac’s action demonstrates that oligarchs and influential institutions are not subject to laws that apply to others. I see a parallel to management of the Panama Papers that writer Craig Murray describes.
Corporate Media Gatekeepers Protect Western 1 Percent From Panama Leak, Truthdig, April 4, 2016
The filtering of this Mossack Fonseca information by the corporate media follows a direct western governmental agenda. There is no mention at all of use of Mossack Fonseca by massive western corporations or western billionaires—the main customers. And the Guardian is quick to reassure that “much of the leaked material will remain private.”
…Do not expect a genuine expose of western capitalism. The dirty secrets of western corporations will remain unpublished.
While the $1.1 million penalty assessed a Canadian organization may seem substantial, we should evaluate its severity by considering ability to pay. Canada’s two largest banks are Royal Bank and TD Bank. The first has assets of $1.20 trillion and the other has $1.17 trillion. For either, a $1.1 million penalty is equivalent to 9¢ for an individual with $100,000 in assets. For CIBC, the smallest of Canada’s big-five banks, the equivalency is 23¢.
Keeping the wrongdoer’s name secret is another benefit for plutocrats. Bank executives may want to avoid dealing with shame at the country club but there is a widely accepted tenet of justice that calls for punishment to be in public view for deterrence and denunciation. However, in Canada, under Harper Conservatives and now the Trudeau Liberals, favoured groups are exempted from meaningful punishment.
Perhaps because controlling shareholder Murray Edwards arranged millions for BC Liberals, Imperial Mines was not charged for the catastrophic failure of the tailings dam at its Mount Polley gold and copper mine. Several communities experienced a state of emergency and drinking water bans. Meanwhile, this year in North Vancouver provincial court, homeowners were fined $100,000 when their landscaping project led to a sediment dump into a small creek that affected the water supplies of no communities.
Landslide on ground they made unstable put homeowners in court. They didn’t donate millions to #BCLiberals. #bcpoli https://t.co/fvPooA0Lbk
— Norm Farrell (@Norm_Farrell) April 3, 2016
The National Observer is publishing Secrets of Government, a series of special reports describing what happens in the back rooms of power. We’ve seen secret no-penalty, no-prosecution deals CRA gave high-net-worth Canadians, continuation of huge subsidies to fossil fuel industries, regulators co-operating with businesses they allegedly regulate, political appointees waiving fines assessed by inspectors against pipeline operators and countless other examples. However, if an ordinary citizen seeks accommodations from government, the likelihood of receiving it is remote. One CRA program was supposed to ensure fair treatment but it has been so understaffed that the initial response to an individual’s application could take more than a year. Because stalled fairness applications weren’t fair, CRA made a change:
The Taxpayer Relief service standard is being deleted due to an inability to report reliable results.
Returning to the subject of Fintrac’s “strong” message, I wonder if the bankers’ reaction to the agency’s warning was something like Churchill’s in the 1941 Canadian Parliament when he offered this famed riposte to French Generals:
. . . → Read More: In-Sights: "A strong message…"
A Wall Street Journal story, repeated by The Australian and Financial News, other Rupert Murdoch News Corp properties, is apparently not worthy of coverage by Canadian media. I found no reference to this matter in any Canadian pro-media reporting.
By RITA TRICHUR and ALISTAIR MACDONALDAug. 6, 2015 7:40 p.m. ET
Canada’s top banking regulator has . . . → Read More: In-Sights: News not fit to print
Was the Royal Bank of Canada hurt by public consternation about exporting jobs, importing foreign workers and telling tall tales about the actions? Only slightly, and only briefly, as their stock price reflects:
That does not mean that individuals cannot apply continued pressure on the Royal Bank and their CEO, who earns a quarter . . . → Read More: Northern Insight: A billion here, a billion there, pretty soon, you’re talking real money
Contrary to the claims of retired newsguy Bill Good, blogs are not invariable distributors of CRAP! Instead, the good ones are sources of information and commentary that Bill Good and others in commercial news operations dare not discuss.
Creekside, by Alison, is one of the very good blogs; the sort that should embarrass the recipient . . . → Read More: Northern Insight: More "CRAP!" from the blogosphere
CEO Gordon Nixon, 12.6 million dollar man
The Royal Bank of Canada (aka RBC) is responding to public complaints that spread rapidly following reports the bank will be terminating Canadian staff who are training temporary foreign workers to take over their jobs. This is like the condemned being forced to clean and load weapons . . . → Read More: Northern Insight: Royal Bank of Canada – exporter of jobs
Irony: The Canadian job-killer Gord Nixon, president and CEO of Royal Bank of Canada (RBC), is also the head of the Ontario Liberal government’s Jobs and Prosperity Council. What an insult.
For continuing coverage of RBC’s latest attacks on Canadian workers, see http://www.facebook.com/BoycottRoyalBankOfCanada
. . . → Read More: The Ranting Canadian: Irony: The Canadian job-killer Gord Nixon, president and CEO of Royal Bank of Canada (RBC), is…
By now you've probably heard about this outrageous story. Dozens of employees at Canada’s largest bank are losing their jobs to temporary foreign workers, who are in Canada to take over the work of their department.But while the Royal Bank richly deserves what's coming to it, so do the Harper Cons. Read more »
. . . → Read More: Montreal Simon: The Royal Bank and the Foreign Cons
RBC declares war against Canadian workers:
Royal Bank of Canada (RBC) is firing dozens of its employees in Canada and replacing them with lower-paid temporary foreign workers. RBC is forcing their soon-to-be-unemployed Canadian employees to train their own replacements. RBC made $7.5 billion in profits in 2012. Also about a year ago, they increased . . . → Read More: The Ranting Canadian: RBC declares war against Canadian workers
RBC replaces Canadian staff with foreign workers, CBC, April 6, 2013
“Dozens of employees at Canada’s largest bank are losing their jobs to temporary foreign workers, who are in Canada to take over the work of their department.
” ‘They are being brought in from India, and I am wondering how they got work . . . → Read More: Northern Insight: Boycott of RBC – make this a movement