According to various media reports, Canadian Prime Minister Justin Trudeau announced last Tuesday that his government is invoking the 1988 Emergencies Act, which gives him the power to freeze bank accounts and monitor ‘large and suspicious transactions,’ including funds used for crypto transactions, amid a widespread truckers’ protest known as the ‘Freedom Convoy.’ Crowdfunding sites and payment service providers, including crypto exchanges and other crypto financing platforms, must now register with the Financial Transactions and Reports Analysis Centre of Canada under the Emergencies Act. Trudeau is the first prime minister to employ this rarely used provision, which grants the government temporary powers it does not ordinarily have. The new measures, according to Trudeau, will be ‘geographically specific and targeted only where they are needed.’ They’ll be ‘time-limited’ as well. The Prime Minister stated, “This is about keeping Canadians safe, protecting people’s jobs, and restoring faith in our institutions.” Although the Emergencies Act allows for the military to be called in, Trudeau has stated that he has no plans to do so at this time. All These To Broaden Canada’s Anti-Money Laundering and Counter-Terrorist Financing Rules Anti-money laundering and counter-terrorist financing law in Canada are being broadened to encompass crowdfunding platforms and payment service providers. According to Deputy Prime Minister and Min...
