TD Financial institution freezes two accounts that acquired C$1.four million in help of Canada protests By Reuters


© Reuters. Demonstrators collect downtown as truckers and supporters proceed to protest coronavirus illness (COVID-19) vaccine mandates, in Ottawa, Ontario, Canada, February 12, 2022. REUTERS/Blair Gable


By Nichola Saminather

TORONTO (Reuters) -Toronto-Dominion Financial institution has frozen two private financial institution accounts into which C$1.four million ($1.1 million) had been deposited to help protesters preventing the Canadian authorities’s pandemic measures, a financial institution spokesperson mentioned on Saturday.

The demonstrations, dubbed the “Freedom Convoy” by Canadian truckers opposing a vaccination mandate for cross-border drivers in addition to different pandemic restrictions, are actually of their third week. They’ve gridlocked the capital Ottawa and blocked U.S.-Canada border crossings, damaging commerce between the 2 nations.

Early on Saturday, Canadian police started clearing protesters blocking a key bridge linking Canada and the US.

TD utilized to the Ontario Superior Courtroom of Justice on Friday to take the funds, which had been despatched by way of GoFundMe and financial institution transfers, to allow them to both be despatched to the meant recipients or returned to the donors “who’ve requested refunds however whose entitlement to a refund can’t be decided by TD,” the financial institution mentioned in a press release.

TD has been put “on discover that their actions are improper and disappointing,” Keith Wilson, a lawyer for the convoy, mentioned in an e mail on Saturday, including the convoy will search a courtroom order subsequent week to launch the donations to a brand new not-for-profit company that has been set as much as handle and distribute them.

One of many financial institution accounts acquired a lump sum of C$1 million by way of GoFundMe, whereas the remaining was despatched to the second account by way of a number of financial institution e-transfers, the TD spokesperson mentioned. TD doesn’t know the place the GoFundMe cost originated, they mentioned.

GoFundMe took down the protest convoy’s donation web page on Feb. four after it reached $10 million, prompting many of the protesters to show to Boston-based GiveSendGo. GoFundMe has mentioned it is going to refund the donations.

The Ontario Superior Courtroom on Thursday ordered GiveSendGo to freeze all funds despatched in support of the protest. The crowdfunding platform defied that order in a tweet on Thursday.

The protest has raised C$11 million on GiveSendGo, Wilson mentioned.

“We’re additionally going to be taking the Ontario authorities to courtroom to hunt a right away lifting of what we take into account to be an illegal order,” he mentioned.

Canada’s different main banks didn’t instantly reply to emails asking in the event that they had been taking steps just like TD.

The nation’s anti-money-laundering company instructed a parliamentary committee on Thursday that it has not seen a spike in suspicious transaction reporting from the banks in latest weeks.

($1 = 1.2736 Canadian {dollars})

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