Banks get protesters' names as Canada financial squeeze unfolds
BNN Bloomberg
Canada’s national police service is sending to banks the names of people involved in protests that have paralyzed the nation’s capital, a first concrete step in the financial crackdown on demonstrators.
Canada’s national police service is sending to banks the names of people involved in protests that have paralyzed the nation’s capital, a first concrete step in the financial crackdown on demonstrators.
The Canadian Bankers Association confirmed the Royal Canadian Mounted Police has provided a list to the banks. The banks are still seeking clarity from law enforcement on how to handle the alleged protesters’ accounts, according to people familiar with the matter. But Finance Minister Chrystia Freeland said some accounts have already been frozen.
Prime Minister Justin Trudeau’s government invoked an emergency law on Monday to try to end protests that have occupied the streets of Ottawa for nearly three weeks and resulted in the closing of border crossings.
The emergency orders require virtually every participant in the Canadian financial system -- banks, investment firms, credit unions, loan companies, securities dealers, fundraising platforms and payment and clearing services -- to determine whether they possess or control property of a person who’s attending an illegal protest or providing supplies to demonstrators.
If they find such a person in their customer list, they must freeze their accounts and report it to the RCMP or Canada’s intelligence service, the regulations say. Any suspicious transactions must also be reported to the country’s anti-money-laundering agency, known as Fintrac.
Asked about freezing accounts and other financial restrictions, Freeland said: “It is happening -- I do have the numbers in front of me.” But she declined at a news conference to say how many people or accounts have been caught in the dragnet so far.
