Trudeau Invokes Emergencies Act to End Freedom Convoy Protests – Canada’s Terrorist Financing Rules Now Cover Crypto
The Canadian government has invoked the Emergencies Act to deal with the Freedom Convoy protests, Prime Minister Justin Trudeau has said. The scope of Canada’s anti-money laundering and anti-terrorist financing rules is also expanded to cover crowdfunding platforms and “all forms of transactions, including digital assets such as cryptocurrencies.”
The Canadian government invokes the Emergencies Act
Canadian Prime Minister Justin Trudeau announced on Monday that “the federal government has invoked the Emergencies Act to supplement the ability of provinces and territories to deal with blockades and occupations.”
This rarely used law, which Trudeau is the first prime minister to invoke, gives the government temporary powers it does not normally have. Trudeau said the new measures would be “geographically specific and targeted only where needed.” They will also be “time-limited”.
The Prime Minister explained that he invoked the emergency law to deal with the Freedom Convoy protests, which began on January 28 by Canadian truckers opposed to a vaccination or quarantine mandate. The protests closed some border crossings and paralyzed downtown Ottawa.
Chrystia Freeland, Deputy Prime Minister of Canada and Minister of Finance, clarified that one of the measures allows banks to freeze accounts, saying:
Starting today, a bank or other financial service provider can immediately freeze or suspend the account of a person or business affiliated with these illegal holds without a court order. By doing so, they will be protected against civil liability.
Freeland added: “We are informing you today: if your truck is used in these protests, your company accounts will be frozen. Your vehicle insurance will be suspended. Send your semi-trailers home.
The Deputy Prime Minister continued: “These illegal blockades and occupations seriously harm our economy, our democracy and Canada’s international position. They cannot continue. They will not continue.
Canadian Emergency Measures Act Covers Crypto Transactions
“As part of the invocation of the Emergencies Act, we are announcing the following immediate actions,” Deputy Premier Freeland added:
First, we are expanding Canada’s anti-money laundering and anti-terrorist financing rules to cover the crowdfunding platforms and payment service providers they use. These changes cover all forms of transactions, including digital assets such as cryptocurrencies.
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