Three news to start your week: December 2
China's defense minister placed under investigation for corruption
(Financial Times)
China's defense minister, Admiral Dong Jun, is now under investigation in a significant corruption scandal affecting the upper echelons of the People's Liberation Army (PLA), as revealed by current and former US officials familiar with the matter.
Dong, who took office in December 2023 after his predecessor was dismissed for corruption, is being scrutinized as part of a wider inquiry into graft within the PLA. Notably, he is the third consecutive defense minister, either serving or former, to face investigation for alleged corruption.
Dong replaced General Li Shangfu, who was removed from his position after just seven months. President Xi Jinping appointed both leaders.
TD Bank taps HSBC Canada's former chief compliance officer
(Reuters)
TD Bank has appointed Georgia Stavridis from Royal Bank of Canada as vice president of financial crimes risk management, a newly established role, according to three sources who spoke to Reuters.
Stavridis, who previously served as chief compliance officer for HSBC Bank Canada in 2020, joined RBC earlier this year following its acquisition of HSBC's domestic unit for $10 billion. In her new position, she will oversee strategy, performance, and outcomes for the financial intelligence unit in Canada.
Notably, in October, TD Bank made history as the largest bank in the US to plead guilty to violating a federal anti-money laundering law, agreeing to pay over $3 billion in penalties to settle the charges.
Fraud probe launched into defense firm Thales
(BBC)
A fraud investigation has been initiated concerning allegations of bribery and corruption involving Thales, a prominent aviation and defense firm.
Authorities in both the UK and France are conducting a joint inquiry into the company, which is recognized as a vital defense contractor for the government.
This development follows police raids in June in France, the Netherlands, and Spain, which targeted the company's offices amid suspicions of corruption related to international arms sales. Thales UK, headquartered in Reading, Berkshire, boasts a workforce of over 7,000 employees nationwide.
