News Civil Disobedience/Protests Draconian Laws

Trudeau Gives Banks Power to Freeze Funds Without Court Order in Bid to Choke Off Protest Funding

February 15, 2022200 views0

(by Blacklisted News via Financial Post) – New powers give institutions the ability to freeze corporate accounts and cancel insurance tied to trucks that are being used in the blockades

New emergency powers invoked by the federal government on Monday will expand the abilities of Canada’s financial institutions and regulators to track and control funding to protesters interfering with border crossings and restricting movement in Ottawa

Temporary measures under the Emergencies Act will give Canadian banks the ability to freeze funds suspected of being directed to the protests without a court order and will protect them from legal retribution.In addition, Deputy Prime Minister Chrystia Freeland said the new powers give institutions the ability to freeze corporate accounts and cancel insurance tied to trucks that are being used in the blockades.“The government is issuing an order with immediate effect under the Emergencies Act, authorizing Canadian financial institutions to temporarily cease providing financial services where the institution suspects that an account is being used to further the illegal blockades and occupations,” she said. “This order covers both personal and corporate accounts.”

Crowdfunding and payment service providers, which are being used to raise funds for the protests, will have to register with Financial Transactions and Reports Analysis Centre, the country’s main monitor for money laundering and terrorist financing, “and they must report large and suspicious transactions,” Freeland said.“The illegal blockades have highlighted the fact that crowdfunding platforms and some of the payment service providers they use are not fully captured under the proceeds of crime and terrorist financing act,” she said, adding that the changes announced Monday “cover all forms of transactions, including digital assets, such as cryptocurrencies.” Read Full Article >