Convoy Finance: Emergencies Act Edition
In this edition of the convoy finance series, I look at the impact of the measures outlined in the Emergencies Act announcement. It’s a wild one, as this whole episode has been. Let me first warmly welcome the hundreds of new subscribers (!!) to this newsletter, and as always, a special thank you to the paid subscribers. Your support means a lot to me, particularly during the Ottawa occupation. Please note: this post was originally written before the regulations were published, and has since been updated.
Current as of 21 February 2022, 8:35 am
Implementing the Emergencies Act
On Monday, February 14 2022, the federal government announced that it was implementing the Emergencies Act in response to the occupation of Ottawa and the border blockades. The Act gives the government broad powers not available in normal circumstances. As part of the announcement, Deputy Prime Minister & Minister of Finance Freeland announced that part of the measures being implemented would be financial: this is about “following the money”. (In fact, this is about stopping the money, since there is little money that actually needs to be followed here…)There were four main actions that Freeland outlined: bringing crowdfunding platforms (including those dealing in cryptocurrencies) under Canada’s anti-money laundering and counter-terrorist financing legislation (PCMLFTA) as reporting entities, authorized banks to cease the provision of financial services to protesters, giving banks the ability to freeze and seize funds affiliated with the protest, and expanding information sharing between federal government institutions and banks and other financial service providers. The regulations generally follow these highlights, so while this article has been updated based on the regulations, I’ve kept the original format. Let’s dig in.
Need to know more about convoy finance? Here’s what I’ve written so far.