Bureaucrats in the Finance department admitted Tuesday night they never verified whether all bank accounts frozen under a Freedom Convoy order were justified, says Blacklock's Reporter..The department relied on banks to act in good faith, they said..“Financial institutions acted in good faith,” Isabelle Jacques, assistant deputy finance minister, told a Special Joint Committee on the Declaration of Emergency..About $7.8 million belonging to suspected convoy supporters were frozen in 267 bank and credit union accounts and 170 bitcoin wallets, by official estimate..Accounts were frozen under a 9/11-era Proceeds Of Crime And Terrorist Financing Act without court order or notice to depositors. Cabinet invoked the February 14 order after declaring a national emergency over the Freedom Convoy barricade outside Parliament..MPs questioned what measures were taken to ensure bankers did not overstep the order..“Who checked whether these account freezes were justified or not?” asked Bloc Québécois MP Rhéal Fortin (Riviere-du-Nord, Que.):.Assistant Deputy Jacques: “There was no verification that was done. Financial institutions acted in good faith.”MP Fortin: “You are certain of that? Why are you certain of that?”Assistant Deputy Jacques: “What I mean is that we didn’t do any follow up to ensure.”MP Fortin: “That wasn’t important? You assumed?”Assistant Deputy Jacques: “I didn’t say it wasn’t important.”MP Fortin: “But you didn’t do it.”.The emergency order was lifted February 23. However, the Canadian Bankers Association in March 8 testimony at the Commons finance committee said accounts frozen during the blockade could be marked for life..“There would be something in the file indicating a freeze had taken place,” testified Angelina Mason, general counsel for the Bankers Association..Bankers and credit union managers said they relied on RCMP blacklists to freeze accounts. However, bank executives acknowledged acting on their own to mark accounts of depositors who may not have been blacklisted by police..“Were there accounts of individuals frozen that did not appear on a list of names submitted by banks to the RCMP?” asked New Democrat MP Daniel Blaikie (Elmwood-Transcona, Man.)..“Yes,” replied Mason..The Bankers Association said the emergency order did not lead to any usual withdrawals. However the Canadian Credit Union Association in a March 17 submission to the finance committee said there was “some degree of panic” that led to the withdrawal of millions in deposits.
