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Canadian Imperial Bank of Commerce (CIBC)
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Globe says Big 6 banks needed law to fight convoy loons

2022-11-28 08:10 ET - In the News

See In the News (C-TD) Toronto-Dominion Bank

The Globe and Mail reports in its Saturday edition that when Deputy Prime Minister Chrystia Freeland called the chief executive officers of Canada's Big Six banks on the Sunday in February before her government invoked the Emergencies Act, CEOs stressed that the tools they had to help choke off money pouring in to support the convoy protests were limited. The Globe's James Bradshaw writes that at that moment, banks needed court orders to freeze funds, the CEOs said. To give banks the power to freeze funds faster, the government needed to sanction the protesters under the same anti-financial-crime laws it uses for terrorists. They also urged the government to plug gaps in systems for monitoring transactions by bringing in a broader range of payments providers under stricter regulations. Accounts of at least three calls Ms. Freeland held with bank CEOs over an eight-day span are contained in summaries called "readouts" and in Ms. Freeland's notes from the meetings, which were revealed Thursday at the inquiry studying the use of the Emergencies Act. What the CEOs were not told on the first call on Feb. 13 was that the government was getting ready to use the Emergencies Act to expand the banks' powers to freeze accounts.

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