Canadian Deputy Prime Minister and Minister for Finance Chrystia Freeland announced at a press conference that the government has invoked the Emergencies Act to expand the scope of anti-money laundering and terrorist financing rules to cover crowdfunding platforms and their payment service providers in an effort to crack down on the “Freedom Convoy” protests.
“These changes cover all forms of transactions, including digital assets such as cryptocurrencies.”
Freeland said, adding that the illegal blockades by protestors and the financial support they have garnered demonstrate that crowdfunding platforms are not “fully captured” under the country’s crime and terrorist financing act.
As part of the move, crowdfunding platforms and their payment service providers will now be mandated to register with the Canadian financial regulator FINTRAC. They will also be mandated to report any large, suspicious transactions to the watchdog.
The Freedom Convoy and GoFundMe
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