Canadian Deputy Prime Minister Chrystia Freeland announced an expansion of “terrorist financing” rules that would allow banks to freeze assets with no oversight. The new measures also apply to crowdfunding outlets and payment processing providers. “We are broadening the scope of Canada’s anti-money laundering and terrorist financing rules so that they cover crowdfunding platforms and the payment service providers they use,” Freeland said. The expanded rules also apply to digital assets, such as cryptocurrency. “The illegal blockades have highlighted the fact that crowdfunding platforms and some of the payment service providers they use are not fully captured under the proceeds of crime and terrorist financing act,” Freeland continued, prompting the changes. All crowdfunding platforms and service providers were required to register with the Canadian government’s financial intelligence unit, FINTRAC, and report “large and suspicious transactions.”<ref>https://nationalfile.com/canada-expand-scope-terrorist-financing-rules-will-allow-banks-freeze-assets-no-oversight/</ref> | Canadian Deputy Prime Minister Chrystia Freeland announced an expansion of “terrorist financing” rules that would allow banks to freeze assets with no oversight. The new measures also apply to crowdfunding outlets and payment processing providers. “We are broadening the scope of Canada’s anti-money laundering and terrorist financing rules so that they cover crowdfunding platforms and the payment service providers they use,” Freeland said. The expanded rules also apply to digital assets, such as cryptocurrency. “The illegal blockades have highlighted the fact that crowdfunding platforms and some of the payment service providers they use are not fully captured under the proceeds of crime and terrorist financing act,” Freeland continued, prompting the changes. All crowdfunding platforms and service providers were required to register with the Canadian government’s financial intelligence unit, FINTRAC, and report “large and suspicious transactions.”<ref>https://nationalfile.com/canada-expand-scope-terrorist-financing-rules-will-allow-banks-freeze-assets-no-oversight/</ref> |