Broadening Canada Statute Allows Banks to Seize Assets

( – The Freedom Convoy protests in Canada have entered their third week and it doesn’t look like the truckers will be giving up anytime soon. Prime Minister Justin Trudeau’s government took a historic step this week to silence the protesters. His decision could lead to the seizure of protesters’ assets.

On Monday, February 14, Trudeau announced he was invoking the Emergencies Act for the first time in his country’s history. The act basically declares the protests a national security problem and gives the government wide-reaching powers, including the ability to seize assets.

Finance Minister Chrystia Freeland said financial institutions can stop providing services to people and corporations if they believe the money is being used to fund illegal activity. Banks will be able to freeze the accounts and put stops on the funds, making it impossible for those involved in the protests to access their money. She said if companies’ trucks are being used in the blockades, their insurance will be suspended and their corporate accounts frozen.

Additionally, crowdfunding platforms must now register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). They’re required to report large and suspicious transactions.

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