BMO CEO Addresses Suggestion to Designate Convoy Protesters as ‘Terrorists’ to Freeze Accounts

BMO Banque de Montreal signage in Ottawa on Sept. 7, 2022. Sean Kilpatrick/The Canadian Press

The CEO of Canadian bank BMO addressed on Jan. 19 the revelation that he had recommended to the finance minister that Freedom Convoy protesters be designated as “terrorists” to facilitate the freezing of their financial accounts last year.

“I would never call the convoy protesters terrorists. What was said is that in order for the banks to be helpful, there are certain protocols,” Darryl White told True North’s Andrew Lawton reporting from Davos, Switzerland.

“Those protocols include sanction where we can in fact, help in that case, otherwise, it’s not our business to interfere in the affairs of anyone’s finances, truckers or otherwise.”

The Trudeau government invoked the Emergencies Act in February 2022 to deal with cross-country protests and blockades demanding the lifting of COVID-19 restrictions, and implemented financial measures to target participants.

Finance Minister Chrystia Freeland held a meeting with the CEOs of big Canadian banks on Feb. 13 to discuss the potential financial sanctions, one day before the act was invoked.

A readout of the call and Freeland’s related handwritten notes were released during the public hearings phase of the Public Order Emergency Commission last fall.

“If you labelled these guys terrorists we could act quickly,” one participant is quoted as saying in the readout.

Under the heading “Darryl/BMO” in Freeland’s note is written “label them as terrorists.”

This view was also shared by a CEO identified as “Dave,” probably RBC’s David McKay.

“Designate the group as a terrorist group,” say Freeland’s notes.

Notes under the heading “Dodig” (probably Victor Dodig of CIBC) have a line that says “Use military @ the borders.”

The Epoch Times had reached out to BMO, RBC, and CIBC at the time but had not heard back.

One unidentified CEO had expressed concerns that the banking system would be seen as a “political weapon” if it were to be used by the government to freeze accounts.

White was asked by Lawton whether he also shared that concern.

“It’s always a view I shared. I don’t think banks should be weaponized any more than any other industry,” he said, while not answering whether he supported the Liberals financial measures.

Based on the hearings of the Public Order Emergency Commission held last fall and the evidence that surfaced, it appears the freezing of accounts was among the only powers used by the authorities to target the protesters.

It was revealed that the act had not been used to compel towing companies or establish a no-go zone.

The measure to go after personal finances without a court order was very controversial and honed in on by a commission counsel, who noted the collateral damage associated to targeting a protester.

“In the first scenario, you’re saying to the protester, ‘We are going to cut off the money you’re using to buy gas for your truck, or whatever.’ And then the second mode, you’re saying, ‘We are going to cut off your family’s money that they use to buy groceries and pay their rent, so you’d better get out of this protest,” said counsel Gordon Cameron.

“Did you appreciate the significance?” he asked officials from the finance department.

Deputy Minister of Finance Michael Sabia told the commission that 257 accounts were frozen based on a list the RCMP provided to institutions and 23 others were frozen based on the institutions’ own determinations.

He said the government was not responsible for the ensuing financial consequences suffered by targeted individuals, such as lower credit scores.