SHAFAQNA- Canadian banks target accounts of Islamic institutions on suspicion of terror financing. Institutions belonging to Muslims in Canada came to a stalemate with the authorities given to banks under Canadian financial laws that initially aimed to prevent money laundering and financing terror groups.
Account closure decisions taken only by bank administrations without a court order negatively affect the Muslim organisations’ global humanitarian aid efforts.
Speaking to Anadolu Agency, representatives of Muslim foundations and organisations voiced their concern over the excessive authority granted to banks and believe they are subjected to extrajudicial executions.
A detailed report titled: “The Untold Story of ‘De-banking’ in Canada’s Muslim Community” by Steven Zhou from the National Council of Canadian Muslims (NCCM) revealed the way numerous Muslim organisations’ bank accounts were closed and embargoed and they experienced difficult times.
Zhou, who is also a journalist, told Anadolu Agency that five of the country’s leading banks closed the accounts of many organisations.
Saying that Canadian banks have the right to close suspected accounts, Zhou noted that the legal regulations made in recent years had given banks some excessive powers without a court order and without giving the other party the right to defend themselves.
Source: middleeastmonitor