Trudeau Deputy Prime Minister: We’re Updating Our Terror Financing Rules to Cover Crowd-Funding Platforms

FREELAND invoking the Emergencies ░░░░░░░░ we are announcing the ░░░░░░░░ immediate actions First we ░░░░░░░░ broadening the scope of ░░░░░░░░ s anti money laundering ░░░░░░░░ terrorist financing rules so ░░░░░░░░ they cover crowd funding ░░░░░░░░ and the payment service ░░░░░░░░ they use These changes ░░░░░░░░ all forms of transactions ░░░░░░░░ digital assets such as ░░░░░░░░ The illegal blockades have ░░░░░░░░ the fact that crowd ░░░░░░░░ platforms and some of ░░░░░░░░ payment service providers they ░░░░░░░░ are not fully captured ░░░░░░░░ the Proceeds of Crime ░░░░░░░░ Terrorist Financing Act Our ░░░░░░░░ and financial institutions are ░░░░░░░░ obligated to report to ░░░░░░░░ Financial Transactions and Reports ░░░░░░░░ Centre of Canada or ░░░░░░░░ As of today all ░░░░░░░░ funding platforms and the ░░░░░░░░ service providers they use ░░░░░░░░ register with FINTRAC and ░░░░░░░░ must report large and ░░░░░░░░ transactions to FINTRAC This ░░░░░░░░ help mitigate the risk ░░░░░░░░ these platforms receive illicit ░░░░░░░░ increase the quality and ░░░░░░░░ of intelligence received by ░░░░░░░░ and make more information ░░░░░░░░ to support investigations by ░░░░░░░░ enforcement into these illegal ░░░░░░░░ We are making these ░░░░░░░░ because we know that ░░░░░░░░ platforms are being used ░░░░░░░░ support illegal blockades and ░░░░░░░░ activity which is damaging ░░░░░░░░ Canadian economy The government ░░░░░░░░ also bring forward legislation ░░░░░░░░ provide these authorities to ░░░░░░░░ on a permanent basis ░░░░░░░░ invoking the Emergencies Act ░░░░░░░░ are announcing the following ░░░░░░░░ actions First we are ░░░░░░░░ the scope of Canada ░░░░░░░░ anti money laundering and ░░░░░░░░ financing rules so that ░░░░░░░░ cover crowd funding platforms ░░░░░░░░ the payment service providers ░░░░░░░░ use These changes cover ░░░░░░░░ forms of transactions including ░░░░░░░░ assets such as cryptocurrencies ░░░░░░░░ illegal blockades have highlighted ░░░░░░░░ fact that crowd funding ░░░░░░░░ and some of the ░░░░░░░░ service providers they use ░░░░░░░░ not fully captured under ░░░░░░░░ Proceeds of Crime and ░░░░░░░░ Financing Act Our banks ░░░░░░░░ financial institutions are already ░░░░░░░░ to report to the ░░░░░░░░ Transactions and Reports Analysis ░░░░░░░░ of Canada or FINTRAC ░░░░░░░░ of today all crowd ░░░░░░░░ platforms and the payment ░░░░░░░░ providers they use must ░░░░░░░░ with FINTRAC and they ░░░░░░░░ report large and suspicious ░░░░░░░░ to FINTRAC This will ░░░░░░░░ mitigate the risk that ░░░░░░░░ platforms receive illicit funds ░░░░░░░░ the quality and quantity ░░░░░░░░ intelligence received by FINTRAC ░░░░░░░░ make more information available ░░░░░░░░ support investigations by law ░░░░░░░░ into these illegal blockades ░░░░░░░░ are making these changes ░░░░░░░░ we know that these ░░░░░░░░ are being used to ░░░░░░░░ illegal blockades and illegal ░░░░░░░░ which is damaging the ░░░░░░░░ economy The government will ░░░░░░░░ bring forward legislation to ░░░░░░░░ these authorities to FINTRAC ░░░░░░░░ a permanent basis.”