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Regulatory Warnings Ignored: Canadian Arm of China's Largest Bank Faces Scrutiny

The Canadian subsidiary of the Industrial and Commercial Bank of China (ICBC), the world's largest bank, has come under fire for repeatedly violating anti-money laundering regulations. Despite multiple warnings from Canada's financial intelligence unit, FINTRAC, the bank failed to address critical compliance issues. These included neglecting to file suspicious transaction reports and not treating high-risk activities with the required level of scrutiny. A routine audit in 2019 revealed several administrative violations, leading to a fine of $701,250 issued in 2021. The violations highlight systemic lapses in the bank's financial crime compliance controls, raising concerns about its commitment to combating money laundering and terrorist financing. The case underscores the importance of robust regulatory oversight and the need for financial institutions to prioritize compliance to maintain the integrity of the financial system.
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Ruby Dhalla Disqualified from Liberal Leadership Race Amid Serious Allegations

 

In a dramatic turn of events, former Member of Parliament Ruby Dhalla has been disqualified from the Liberal leadership race following allegations of multiple rule violations. The Liberal Party of Canada announced the decision on Friday, citing "extremely serious" breaches of the party's leadership and expense rules.

According to Azam Ishmael, the party's national director, Dhalla was found to have committed ten violations, including inaccurate financial reporting and non-disclosure of material facts. The party's leadership vote committee conducted an extensive review process, which included interviews, questionnaires, and an opportunity for Dhalla to address the committees directly.

The allegations against Dhalla also include potential violations of the Canada Elections Act and concerns about foreign interference in her campaign. Dhalla has vehemently denied the accusations, calling them "fabricated, fictitious, and fake". She claims that the disqualification is an attempt to ensure the victory of front-runner Mark Carney.

Dhalla's disqualification comes just days before the party's leadership debates and after she had successfully paid the full amount of $350,000 to stay in the race. With her exit, the remaining contenders for the Liberal leadership are Mark Carney, Chrystia Freeland, Karina Gould, and Frank Baylis.

The decision has sparked controversy and debate within the party, with Dhalla asserting that the allegations are an attack on her ethnic origin and immigrant background. She has indicated that she will not allow her campaign to be tarnished by what she describes as baseless accusations.

As the Liberal Party moves forward with the leadership race, the disqualification of Ruby Dhalla serves as a stark reminder of the high stakes and intense scrutiny involved in the political arena.



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