Canadian banks will be receiving the names of the people that are involved in “Freedom Convoy” protests that have descended on the nation’s capital, a 1st step in a financial crackdown promised on demonstrators being put in motion by the far-left, Justin Trudeau.
Bloomberg reports the Bankers Association of Canada confirmed the Royal Canadian Mounted Police (RCMP) has told banks about the list of names and made them available.
The banks are said to still be looking for clarity from police enforcement on how to handle the alleged protesters’ bank accounts, according to people that are familiar with the matter. But Finance Minister Chrystia Freeland said some of the accounts are already frozen, the news outlet reported.
Under the Emergencies Act invoked this week by Trudeau, law enforcement are able to arrest people for disruptive behavior and obstruction of roadways within a no-go exclusion zone. They also have the power to freeze bank accounts and seize vehicles.
“During the past 3 weeks, the prime minister has failed to take any significant actions to stop the protest or use any resources that he might have available,” Candice Bergen, Conservative Leader said. “Instead, he has jumped right to the most extreme solutions.”
Trudeau, is calling the protests against Covid mandates for truckers and other restrictions an “illegal occupation”, and reportedly turned to the emergency powers after a 2nd weekend of protests.
Bloomberg outlined the exact way the banks will cooperate with the government:
The emergency orders will require every one of the participants in the Canadian financial system — investment firms, banks, securities dealers, loan companies, credit unions, clearing and payment services and fundraising platforms — to decide if they control or possess property of a person who is being a part of an illegal protest or giving supplies to demonstrators.
If they find one of these people in their list of customers, regulations say that their accounts have to be frozen and reported to Canada’s intelligence service. If there are any unusual transactions they must be turned into to the country’s anti-money-laundering agency.
Freeland quickly made it clear that this step is just the 1st in a wide range of financial disincentives it will hit protesters with.
Trudeau said that the blockades are “a threat to our economy and our relationship with trading partners. They are a threat to supply chains and the availability of essential goods like medicine and food. They are a threat to public safety.”