FinCEN Files: Investigation into Dirty Money Transfers from Major Global Banks

At least $ 2 trillion in suspicious transactions were carried out between 2000 and 2017 by several major global banks. This is what an investigation by the International Consortium of Investigative Journalists, made up of 400 journalists from the media in 88 countries, including the investigation units of Radio France and the newspaper Le Monde, reveals.
For their investigation, ICIJ journalists were able to obtain "suspicious activity reports". These are top-secret documents that US bank internal compliance officials send to US financial intelligence agencies when they detect questionable money transfers.

According to these documents, 2,000 billion dollars in suspicious transactions may have been carried out. It is dirty money linked to drugs, corruption, organized crime and terrorism.

Large banks are singled out like JP Morgan, Deutsche Bank, Bank of New York Mellon or HSBC. They ensure, however, that they make significant efforts to combat financial crime an…

The smart investor: "MTY was not built for pandemics"

"The strategy and the outlook are going to change significantly and need to be reflected in the evaluation," said Michael Glen of Raymond James. "It would be prudent to immediately suspend the dividend," said the analyst. This is what Recipe (the operator of the St-Hubert stores) announced that it would do last week.

Michael Glen of Raymond James

He also believes that the final closings of restaurants within the MTY Group (already high before the virus) will increase in the short term and lead to a significant increase in the number of corporate establishments that will have to be managed. Michael Glen does not see how MTY will be able to make acquisitions for a moment since the company will have to make gestures to "protect its balance sheet and its existing restaurants".

The risk of a dividend reduction at Laurentian Bank is very real, according to analyst Mario Mendonca of TD Bank. In a note released on Thursday, he points out that the payout ratio is currently very high and argues that the dividend should be expected to be curtailed, especially if the environment is set to deteriorate further.

TD Bank slipped 72% (70 cents) of its target price within 12 months for Bombardier’s stock on Thursday. TD expects less attractive prospects in the aviation sector and therefore more "conservative" business jet deliveries next year and for years to come. Given the current uncertainty and the risks inherent in the demand for business jets, Tim James recommends "caution." Bombardier's stock is currently trading at 45.5 cents.

Recall in a report from a Quebec portfolio manager: Warren Buffett once said that the stock market is a mechanism for transferring money from impatient people to patient people.

Dollarama won at least one buy recommendation this week. TD Bank now suggests buying the security. "The current price represents an opportunity because Dollarama is a quality defensive title during this period of uncertainty," said Brian Morrison in a midweek note. The analyst stresses that Dollarama, recognized this week as an essential trade, could take advantage of it to gain market share while smaller competitors can be closed.

The Montreal retailer will release its year-end results on Wednesday.

"Rather than follow the herd in an irrational rush towards gold producers, I prefer to focus on opportunities in sectors such as utilities, telecoms and consumer staples," says portfolio manager Charles Marleau, of Palos Management. "Regardless of the impact on the economy, we are likely to continue and possibly increase our demand for energy, telecoms and food," he said in a note to customers.

A CN board member just sold more than $ 400,000 worth of shares from the Montreal rail carrier. Denis Losier sold 4,000 shares during the sessions of March 19 and 24. CN’s share went from $ 127 in early February to $ 95 two weeks ago.