Feds crack down on trucker protest financing, from crowdfund rules to freezing bank accounts
The federal government has announced that crowdfunding platforms will now have to comply with Canada’s financial reporting rules, and is authorizing banks to freeze accounts it suspects to be involved with the Freedom Convoy’s “illegal blockades.”
Deputy Prime Minister and Finance Minister Chrystia Freeland gave notice on Monday that should sites like GoFundMe and GiveSendGo – the two platforms used by the convoy organizers to raise funds – wish to operate in Canada, they must immediately register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
“This will help mitigate the risk that these platforms receive illicit funds, increase the quality and quantity of intelligence received by FINTRAC and make more information available to support investigations by law enforcement into these illegal blockades,” said Freeland.
She announced the move as part of the government’s invoking of the never-before-used Emergencies Act to try to contain the momentum of the trucker convoy.
Meeting that objective, in part, requires cutting of the financial supply to those involved, said Freeland.
The government is directing financial institutions to “review their relationships” with anyone involved with the blockades and report them to the RCMP or CSIS.
“As of today, a bank or other financial service provider will be able to immediately freeze or suspend an account without a court order. In doing so they will be protected against civil liability for actions taken in good faith,” Freeland said.
“This is about following the money. This is about stopping the financing of these illegal blockades. We are today serving notice: if your truck is being used in these illegal blockades, your corporate accounts will be frozen.”
They’re also seizing financial institutions with the power to cut off services to those suspected of supporting the protesters.
The convoy organizers raised more than $10 million on GoFundMe, before the platform closed its doors on the movement citing concerns with its objectives. Beside the $1 million already released to the group, the rest of the money is being refunded.
They’ve since turned to Christian website GiveSendGo, where they’ve raised more than US$8.4 million as of last Thursday.
The site is “currently offline” for maintenance and server updates after reported hacks.
These sites will now be required to report to FINTRAC directly about suspicious, large cash and large virtual currency transactions.
Electronic transfers of $10,000 or more out of or into Canada in a single transactions, or in two or more transactions totalling $10,000 must also be reported.
FINTRAC already detects, prevents, and deters money laundering and the financing of terrorist activities in entities such as banks, casinos, money service businesses, and real estate.
It’s not a law enforcement or investigative agency.
“These changes cover all forms of transactions, including digital assets such as crypto currencies. 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 Crime and Terrorist Financing Act,” said Freeland.
The government is bringing forward legislation to make these changes to FINTRAC’s mandate permanent.
IN DEPTH
Budget 2024 prioritizes housing while taxing highest earners, deficit projected at $39.8B
In an effort to level the playing field for young people, in the 2024 federal budget, the government is targeting Canada's highest earners with new taxes in order to help offset billions in new spending to enhance the country's housing supply and social supports.
'One of the greatest': Former prime minister Brian Mulroney commemorated at state funeral
Prominent Canadians, political leaders, and family members remembered former prime minister and Progressive Conservative titan Brian Mulroney as an ambitious and compassionate nation-builder at his state funeral on Saturday.
'Democracy requires constant vigilance' Trudeau testifies at inquiry into foreign election interference in Canada
Prime Minister Justin Trudeau testified Wednesday before the national public inquiry into foreign interference in Canada's electoral processes, following a day of testimony from top cabinet ministers about allegations of meddling in the 2019 and 2021 federal elections. Recap all the prime minister had to say.
As Poilievre sides with Smith on trans restrictions, former Conservative candidate says he's 'playing with fire'
Siding with Alberta Premier Danielle Smith on her proposed restrictions on transgender youth, Conservative Leader Pierre Poilievre confirmed Wednesday that he is against trans and non-binary minors using puberty blockers.
Supports for passengers, farmers, artists: 7 bills from MPs and Senators to watch in 2024
When parliamentarians return to Ottawa in a few weeks to kick off the 2024 sitting, there are a few bills from MPs and senators that will be worth keeping an eye on, from a 'gutted' proposal to offer a carbon tax break to farmers, to an initiative aimed at improving Canada's DNA data bank.
Opinion
opinion Don Martin: Gusher of Liberal spending won't put out the fire in this dumpster
A Hail Mary rehash of the greatest hits from the Trudeau government’s three-week travelling pony-show, the 2024 federal budget takes aim at reversing the party’s popularity plunge in the under-40 set, writes political columnist Don Martin. But will it work before the next election?
opinion Don Martin: The doctor Trudeau dumped has a prescription for better health care
Political columnist Don Martin sat down with former federal health minister Jane Philpott, who's on a crusade to help fix Canada's broken health care system, and who declined to take any shots at the prime minister who dumped her from caucus.
opinion Don Martin: Trudeau's seeking shelter from the housing storm he helped create
While Justin Trudeau's recent housing announcements are generally drawing praise from experts, political columnist Don Martin argues there shouldn’t be any standing ovations for a prime minister who helped caused the problem in the first place.
opinion Don Martin: Poilievre has the field to himself as he races across the country to big crowds
It came to pass on Thursday evening that the confidentially predictable failure of the Official Opposition non-confidence motion went down with 204 Liberal, BQ and NDP nays to 116 Conservative yeas. But forcing Canada into a federal election campaign was never the point.
opinion Don Martin: How a beer break may have doomed the carbon tax hike
When the Liberal government chopped a planned beer excise tax hike to two per cent from 4.5 per cent and froze future increases until after the next election, says political columnist Don Martin, it almost guaranteed a similar carbon tax move in the offing.
CTVNews.ca Top Stories
DEVELOPING 'Numerous' officers shot in 'active situation' in Charlotte, North Carolina, police say
'Numerous law enforcement officers' have been shot in an 'active situation' in Charlotte, North Carolina, police say.
Toronto police arrest 12 people, lay 102 charges in major credit card fraud scheme
Toronto police say 12 people are facing a combined 102 charges in connection with an investigation into a major credit fraud scheme.
'Shocked and concerned': Calgary principal charged with possession of child pornography
A Calgary elementary school principal has been charged with possession of child pornography, authorities announced Monday.
Canada Revenue Agency to audit Saskatchewan for not paying carbon levies
Saskatchewan Premier Scott Moe says the Canada Revenue Agency plans to audit the province for not paying carbon levies on home heating.
Winner of US$1.3 billion Powerball jackpot is an immigrant from Laos who has cancer
One of the winners of a historic US$1.3 billion Powerball jackpot last month is an immigrant from Laos who has had cancer for eight years and had his latest chemotherapy treatment last week.
B.C. premier says Vancouver speech praising Hamas attack was 'most hateful' he can imagine
B.C. Premier David Eby has joined other politicians denouncing remarks at a demonstration in Vancouver where protesters chanted “long live Oct. 7,” praising that day's attacks by Hamas on Israel.
Norovirus spreading at 'higher frequency' than expected in Canada
Norovirus is spreading at a 'higher frequency' than expected in Canada, specifically, in Ontario and Alberta, according to the Public Health Agency of Canada.
Less alcohol, or none at all, is one path to better health
Moderate drinking was once thought to have benefits for the heart, but better research methods have thrown cold water on that.
Singh still not ready to say if NDP will back budget, holding out for 'clarity' on disability benefit
NDP Leader Jagmeet Singh says he's still not ready to say whether his caucus will support the federal budget, citing a need for further 'clarity' over whether the Liberals intend to address concerns surrounding the Canada Disability Benefit program.
Local Spotlight
Canada's oldest hat store still going strong after 90 years
Since 1932, Montreal's Henri Henri has been filled to the brim with every possible kind of hat, from newsboy caps to feathered fedoras.
Road closed in Oak Bay, B.C., so elephant seal can cross
Police in Oak Bay, B.C., had to close a stretch of road Sunday to help an elephant seal named Emerson get safely back into the water.
B.C. breweries take home awards at World Beer Cup
Out of more than 9,000 entries from over 2,000 breweries in 50 countries, a handful of B.C. brews landed on the podium at the World Beer Cup this week.
Kitchener family says their 10-year-old needs life-saving drug that cost $600,000
Raneem, 10, lives with a neurological condition and liver disease and needs Cholbam, a medication, for a longer and healthier life.
Haida Elder suing Catholic Church and priest, hopes for 'healing and reconciliation'
The lawyer for a residential school survivor leading a proposed class-action defamation lawsuit against the Catholic Church over residential schools says the court action is a last resort.
'It was instant karma': Viral video captures failed theft attempt in Nanaimo, B.C.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
Fergus, Ont. man feels nickel-and-dimed for $0.05 property tax bill
A property tax bill is perplexing a small townhouse community in Fergus, Ont.
Twins from Toronto were Canada's top two female finishers at this year's Boston Marathon
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.
Mystery surrounds giant custom Canucks jerseys worn by Lions Gate Bridge statues
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.