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Declaration of Emergency committee  That's correct. It doesn't say to seize property. Nothing in the act states that anyone should seize property. A supplier must cease making property available. So it's really a preservation measure.

May 3rd, 2022Committee meeting

Isabelle Jacques

Declaration of Emergency committee  We did not do a formal review, but certainly, we've thought about it, and some comments were provided from some institutions that they would have liked to have been contacted earlier. We moved as quickly as we could under the circumstances; the situation was unprecedented. We tried to go to the larger financial institutions, including Desjardins, and we also extensively contacted the Canadian Credit Union Association.

May 3rd, 2022Committee meeting

Isabelle Jacques

Declaration of Emergency committee  We're talking about days. It was very quick. As such, once the order came into force, we had very little time to try to help all the institutions that had to take action. We moved as quickly as we could.

May 3rd, 2022Committee meeting

Isabelle Jacques

Declaration of Emergency committee  No, that's not what I said. I actually said that the financial service providers had to "cease…making available any property, including funds or virtual currency, to…a designated person." So what that means is to cease and not provide services or…

May 3rd, 2022Committee meeting

Isabelle Jacques

Declaration of Emergency committee  No, never. No such instruction was given.

May 3rd, 2022Committee meeting

Isabelle Jacques

May 3rd, 2022Committee meeting

Isabelle Jacques

Declaration of Emergency committee  After the order was tabled and made public, given the extraordinary nature of the situation, we of course communicated with various representatives of the financial industry, including the Canadian Bankers Association, Desjardins and other associations, so they could question us about how the process would be carried out.

May 3rd, 2022Committee meeting

Isabelle Jacques

Declaration of Emergency committee  Once the order was in force, it took a few days for us to start receiving reports. A few days later, the Canadian Bankers Association began reporting daily, at the end of the day, on accounts frozen by the financial institutions.

May 3rd, 2022Committee meeting

Isabelle Jacques

Declaration of Emergency committee  I'll try to see if I can send them to you, but I'll have to inquire.

May 3rd, 2022Committee meeting

Isabelle Jacques

Declaration of Emergency committee  Yes, I'm talking about an authorization.

May 3rd, 2022Committee meeting

Isabelle Jacques

Declaration of Emergency committee  I'd like to make it clear that what we got was aggregate information. We got no names or information on account types. We only received the number of financial products and the amounts, but we got no details on the names of individuals. None of that information was forwarded to us.

May 3rd, 2022Committee meeting

Isabelle Jacques

Declaration of Emergency committee  The intent was to stop the funding of illegal activities, or certainly curtail it. That was the main goal. The second goal was also to dissuade people from participating in illegal activities on the Hill, so it had two goals.

May 3rd, 2022Committee meeting

Isabelle Jacques

Declaration of Emergency committee  They have terms of service. I don't know if I could say it was on those terms of service that they did it, but what they had in their possession was information provided by the RCMP. On top of that, they would also have to do their own assessment because, ultimately, they had to make the determination to cease providing a service to a customer—basically, freezing accounts.

May 3rd, 2022Committee meeting

Isabelle Jacques

Declaration of Emergency committee  There is a big distinction, yes. There was no seizing of assets. They were frozen.

May 3rd, 2022Committee meeting

Isabelle Jacques

Declaration of Emergency committee  First, you have to refer to section 2 of the order, which provides that financial service providers "must…cease…making available any property, including funds or virtual currency, to…a designated person or to a person acting on behalf of…a designated person." There really was a duty to cease dealings.

May 3rd, 2022Committee meeting

Isabelle Jacques