New drug cartel terrorist designations raise legal risks for Canadian banks

New drug cartel terrorist designations raise legal risks for Canadian banks

By Alexandra Keeler In October 2024, the U.S. Department of Justice slapped TD Bank, Canada’s second-largest bank, with a $3 billion US fine for failing to stop cartel-linked money laundering. Canada’s financial institutions could face criminal liability for facilitating transactions tied to cartel-linked drug sales, according to a new report by journalist David Clement. Clement argues Canada’s recent designation of seven transnational criminal…