Canada Deputy Prime Minister and Minister for Finance Chrystia Freeland has declared that the government is widening the scope of the country’s anti-money laundering monitoring and terrorist financing laws to cover crowdfunding platforms and the payment service providers they use.
Federal emergency act measures will broaden the powers of Canada’s banks and financial intelligence agency to monitor and stem the flow of funds to protesters who have blocked downtown Ottawa and key corridors, as the federal government escalates its efforts to end the disruptions.
What is Canada’s Emergency Act?
The Emergencies Act (French: Loi sur les mesures d’urgence) is a law passed by the Parliament of Canada in 1988 which authorizes the federal government to take extraordinary temporary measures to respond to public welfare emergencies, public order emergencies, international emergencies and war emergencies.
What did Minister for Finance Chrystia Freeland announce during the press conference?
She said that, “These changes cover all forms of transactions, including digital assets such as crypto currencies. 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.”
“Our banks and financial institutions are already obligated to report the Financial Transactions and Reports Analysis Centre of Canada or FINTRAC. As of today, all crowdfunding platforms and the payment service providers they use must register with FINTRAC, and they must report large and suspicious transactions to FINTRAC,” Chrystia added.
What did Justin Trudeau say?
“The Emergencies Act will be used to strengthen and support law enforcement agencies at all levels across the country. This is about keeping Canadians safe, protecting people’s jobs and restoring confidence in our institutions,” Trudeau said.
“We cannot and will not allow illegal and dangerous activities to continue,” he continued, assuring that the government will not use the Emergencies Act to call in the military.
“We’re not suspending fundamental rights or overriding the Charter of Rights freedoms. We are not limiting people’s freedom of speech. We are not limiting freedom of peaceful assembly. We are not preventing people from exercising their right to protest legally,” Trudeau added.
Currently, blockades across Canadian cities have been reported caused by large trucks lined up in the nation’s highways as well as trading corridors with the US. The blockades are also causing supply-chain bottlenecks across the country that are affecting Canada’s economy.
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.
