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

EXCERPT:

FREELAND: "First, we are broadening the scope of Canada’s anti-money laundering and terrorist financing rules so that they cover crowd-funding platforms and the payment service providers they use. These changes cover all forms of transactions, including digital assets such as cryptocurrencies. The illegal blockades have highlighted the fact that crowd-funding platforms and some of the payment service providers they use are not fully captured under the Proceeds of Crime and Terrorist Financing Act. Our banks and financial institutions are already obligated to report to the Financial Transactions and Reports Analysis Centre of Canada, or FINTRAC. As of today, all crowd-funding platforms and the payment service providers they use must register with FINTRAC and they must report large and suspicious transactions to FINTRAC.”