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…

Prevost: workers' union regrets massive layoffs

The crisis is hitting the bus manufacturer Prévost, which is cutting 300 jobs at its Sainte-Claire plant in Chaudière-Appalaches. It is therefore a third of the 900 workers in the factory who will lose their livelihood in the coming weeks. "The demand for intercity buses has dropped by 60 to 65% in North America," said Emmanuelle Toussaint, vice-president at Volvo, the parent company of Prévost.  The Unifor Quebec union was sorry on Saturday for the dismissal of 300 of the 850 workers at the Prevost plant in Sainte-Claire, despite efforts to preserve their jobs.
 
Prevost: workers' union regrets massive layoffs

"The federal government's wage subsidy has allowed us to limit layoffs, but it's still a temporary measure," she adds. "We expect the crisis to last for more than a few months. Probably until the end of the year. "  Few customers have canceled orders so far, but many have postponed bus deliveries slated for 2020, said Toussaint. In December 2019, Prévost announced an order for $ 260 million, the largest in its history, for 307 coaches to be delivered from 2020 to 2022. The buyer is the Metropolitan Transportation Authority of New York, which is currently experiencing significant financial difficulties due to the unprecedented drop in ridership.
Production has been suspended since March 24 at the Prévost plant. Activities will not resume until June 1.

For the moment, the other subsidiary of Volvo in Quebec, the city bus manufacturer Nova Bus, does not intend to lay off among its approximately 1000 employees of Saint-Eustache and Saint-François-du-Lac . Return to work will begin on Monday. Transit companies have plummeted by more than 80% due to the pandemic and containment measures, but most of them continue to take possession of the buses they ordered. "There are even companies that have just launched tenders for deliveries in 2021 or 2022," notes Emmanuelle Toussaint. Nova Bus remains cautious, however, being well aware of the financial fragility of many of its customers.


“The backlog having collapsed by 65% due to the effects of COVID-19 on the tourism and culture sectors, the employer says it is forced to lay off workers. We suspect, no one is traveling by bus or will do so in the short and medium term, "said union representative François Gignac.

All workers at the factory had been receiving the Canada Emergency Wage Subsidy (SSUC) since mid-March. "As the situation is likely to persist over time, the company decided to lay off workers in order to preserve their liquidity given the costs inherent in SSUC, the pension plan, group insurance, holidays, etc. . ”, Said Mr. Gignac. The decision to proceed with the layoffs came from the company's senior management in Sweden, said Unifor. The union explains that workers in Prevost offices will be less affected. Out of a total of 250 workers, around 25 will be affected by the cuts. "We are obviously worried because no one knows when the situation will get better. We are working to offer help and support as much as possible in the circumstances, ”concluded Mr. Gignac.