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

February 23, 2022 FinTech and Alternative Finance, Fintech Services, Legal Issues, Regulation, Consultation, Stories No comments

CBC | Peter Zimonjic | Feb 22, 2022

account frozen - Officials report (most) frozen bank accounts under the Emergencies Act are being released More 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.

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