Over 800 Canadians ‘De-Banked’ Since 2018, Including Freedom Convoy Supporters

Since 2018, more than 800 Canadians have faced account closures by their banks, including hundreds of supporters of the Freedom Convoy movement, as revealed by documents obtained through access-to-information records first reported by Blacklock’s Reporter.

According to the data disclosed, a total of 837 individuals have been “de-banked” over the past five years. The Financial Consumer Agency of Canada confirmed that it had knowledge of these account closures, primarily through complaints registered with regulatory authorities. It’s worth noting that these numbers exclude cases related to substantiated terrorism and money laundering.

Among those affected, 267 bank accounts and 170 bitcoin wallets belong to Freedom Convoy supporters. Those that were de-banked collectively held an estimated $7.8 million in assets. 

Related: Freedom Convoy: Canadian Truckers Spread Disinformation From Russia Against Trudeau

This information came to light during a hearing at the Commons finance committee on March 7, 2022, where Angelina Mason, the general counsel for the Bankers Association, testified that they had relied primarily on names provided by the RCMP but acknowledged that there were additional obligations for banks to make independent determinations.

The closures have raised questions about the criteria used by banks to cancel accounts. Canadian federal law permits banks to cancel account holders in cases of alleged criminality, fraud, physical harm, harassment, or abuse. Furthermore, the Canadian Bankers Association has acknowledged that depositors could be flagged for life, emphasizing the significance of these actions.

The Freedom Convoy blacklist, as per an Inquiry Of Ministry report tabled on March 21, was shared with both domestic and international banks, including the Bank of China, State Bank of India, BNP Paribas of France, Citibank of New York, Habib Bank of Pakistan, Hana Financial Group of South Korea, ICICI Bank Limited of India, Mizuho Financial Group of Japan, and Wells Fargo & Company of San Francisco. 

The list was also distributed to various stock brokerages, investment firms, and the now-defunct Silicon Valley Bank of Santa Clara by the Royal Canadian Mounted Police (RCMP).

Related: RCMP to Begin Unfreezing Bank Accounts Locked Out Over Freedom Convoy Protests

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