Global fintech and funding innovation ecosystem

Officials report (most) frozen bank accounts under the Emergencies Act are being released

CBC | Peter Zimonjic | Feb 22, 2022

account frozen - Officials report (most) frozen bank accounts under the Emergencies Act are being releasedMore than 200 bank accounts worth nearly $8 million were frozen when the federal government used emergency powers to end a massive protest occupation of downtown Ottawa.

Federal officials report most of the accounts are now in the process of being released, a parliamentary committee heard Tuesday.

Isabelle Jacques, assistant deputy minister of finance, told a committee of MPs that up to 210 bank accounts holding about $7.8 million were frozen under the financial measures contained in the Emergencies Act.

"Information was shared by the RCMP with financial institutions and we were informed yesterday by financial institutions that they were unfreezing the accounts," she said.

Jacques said that because accounts are being released now, the number of accounts affected and their total dollar value continues to decrease by the day.

See:  Canadian cryptocurrency exchanges ordered to cease dealings with convoy-linked accounts

"At no time did we provide a list of donors to financial institutions," the statement said.

Small donors unlikely to be affected

Jacques said that the financial measures in the Emergencies Act came into force on Feb. 15 and were specifically designed to apply enough financial pressure to convince protest organizers and participants to go home.

She said the measures should not affect anyone who provided financial support to the convoy before Feb. 15. Jacques said that anyone who saw their account frozen and who subsequently left the blockade area should expect to see the account unfrozen in the coming days.

Continue to the full article --> here


NCFA Jan 2018 resize - Officials report (most) frozen bank accounts under the Emergencies Act are being released The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Officials report (most) frozen bank accounts under the Emergencies Act are being releasedFF Logo 400 v3 - Officials report (most) frozen bank accounts under the Emergencies Act are being releasedcommunity social impact - Officials report (most) frozen bank accounts under the Emergencies Act are being released

Support NCFA by Following us on Twitter!






NCFA Sign up for our newsletter - Officials report (most) frozen bank accounts under the Emergencies Act are being released




 

Leave a Reply

Your email address will not be published. Required fields are marked *