provided banks with a list of names of people involved in the protests, the Canadian Bankers Association confirmed. While firms are still seeking clarifications from law enforcement regarding necessary measures that are to be taken regarding the alleged protesters’ accounts, according to Finance Minister Chrystia Freeland, some accounts have already been frozen by the banks.
The move was part of the emergency law invoked by the Prime Minister, which requires banks, credit unions, investment firms and virtually every participant in the Canadian financial system to recognise if they control or possess property of any individual attending an illegal protest or providing supplies to demonstrators. If any of these firms find such a person on their customer list, their accounts must be frozen and it must be reported to either the RCMP or Canada’s intelligence service.
Commenting on the decision to freeze account, alongside other financial restrictions, the Finance Minister said: “It is happening — I do have the numbers in front of me”, although she declined to say how many people or accounts have been subject to the restrictions so far.
Meanwhile, formally kicking off parliamentary debate on his use of emergency powers on Thursday, PM Trudeau noted that the situation “could not be dealt with under any other law in Canada.” He described the demonstrations as “a threat to our economy and relationship with trading partners.” “They’re threats to supply chains and the availability of essential goods like food and medicine. They’re a threat to public safety,” the Canadian leader said.
