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The Canadian Prime Minister Invokes The Emergencies Act, Which Includes Crypto As A Form Of Money Laundering

Chrystia Freeland, Canada’s Deputy Prime Minister and Minister of Finance has stated that the government is broadening the scope of the country’s anti-money laundering and terrorist financing laws to include crowdfunding platforms and the payment service providers they employ.

As the federal government ramps up its efforts to end the disturbances, federal emergency act measures will enhance the authorities of Canada’s banks and financial intelligence agency to monitor and stem the flow of funds to protesters who have clogged downtown Ottawa and vital corridors.

The Emergency Measures Act (French: Loi sur les mesures d’urgence) is a law passed by the Canadian Parliament in 1988 that authorizes the federal government to take extraordinary temporary measures in response to public welfare emergencies, public order emergencies, international emergencies, and war emergencies.

She said that “These changes cover all forms of transactions, including digital assets such as cryptocurrencies. The illegal blockades have highlighted the fact that crowdfunding platforms and some of the payment service providers they use are not fully captured under the proceeds of the crime and terrorist financing act.

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“Our banks and financial institutions are already obligated to report to the Financial Transactions and Reports Analysis Center of Canada or FINTRAC. As of today, all crowdfunding platforms and the payment service providers they use must register with FINTRAC, and they must report large and suspicious transactions to FINTRAC,” Chrystia added.

“The Emergencies Act will be used to strengthen and support law enforcement agencies at all levels across the country. This is about keeping Canadians safe, protecting people’s jobs and restoring confidence in our institutions,” Trudeau said.

“We cannot and will not allow illegal and dangerous activities to continue,” He went on to say that the government will not use the Emergencies Act to summon the military.

“We’re not suspending fundamental rights or overriding the Charter of Rights freedoms. We are not limiting people’s freedom of speech. We are not limiting freedom of peaceful assembly. We are not preventing people from exercising their right to protest legally,” Trudeau added.

Blockades in Canadian cities have been recorded as a result of massive trucks parked on the country’s roadways and commerce corridors with the United States. The blockades are also causing supply-chain bottlenecks across the country, harming the Canadian economy.

The illegal blockades have brought to light the fact that crowdfunding platforms and certain of the payment service providers they utilise are not completely covered by the Proceeds of Crime and Terrorist Financing Act.