Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
Editorials & Other Articles
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Canada includes crypto and crowdfunding under laundering and terrorism finance laws
Canada Deputy Prime Minister and Minister for Finance Chrystia Freeland has announced the government is broadening the scope of the country's anti-money laundering monitoring and terrorist financing laws to cover crowdfunding platforms and the payment service providers they use.
"These changes cover all forms of transactions, including digital assets such as crypto currencies," she announced during a press conference on Monday night.
"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.
"Our banks and financial institutions are already obligated to report the Financial Transactions and Reports Analysis Centre of Canada or FINTRAC. As of today, all crowdfunding platforms and the payment service providers they use must register with FINTRAC, and they must report large and suspicious transactions to FINTRAC."
The expanded rules are in response to ongoing "Freedom Convoy" protests, started by Canadian truck drivers opposing COVID-19 vaccination and quarantine mandates for cross-border drivers, that have shut down border crossings and halted downtown Ottawa.
"These changes cover all forms of transactions, including digital assets such as crypto currencies," she announced during a press conference on Monday night.
"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.
"Our banks and financial institutions are already obligated to report the Financial Transactions and Reports Analysis Centre of Canada or FINTRAC. As of today, all crowdfunding platforms and the payment service providers they use must register with FINTRAC, and they must report large and suspicious transactions to FINTRAC."
The expanded rules are in response to ongoing "Freedom Convoy" protests, started by Canadian truck drivers opposing COVID-19 vaccination and quarantine mandates for cross-border drivers, that have shut down border crossings and halted downtown Ottawa.
https://www.zdnet.com/article/canada-expands-terrorism-financing-laws-to-include-crypto-and-crowdfunding/
Crowdfunding platforms must now register with FINTRAC
CBC video link: https://www.cbc.ca/player/play/2002978883782
1 replies
= new reply since forum marked as read
= new reply since forum marked as read
