Canada may pass a law to prevent the nation’s banks from going along with the Arab boycott against Israel. Finance Minister Donald MacDonald said this week. He told David Orlikow a New Democrat member of Parliament from Winnipeg, that he would consider including a clause in the Bank Act to prevent banks from continuing their current practices of giving companies letters of credit certifying that the firms are complying with the boycott.
A report last month by a group of prominent Canadians said that government measures against the boycott did not go far enough and urged special legislation. Current government policy is to refuse federal aid to firms complying with the boycott.
Prime Minister Pierre Elliott Trudeau said last Thursday that the government has gone as far as it can and will not interfere with companies and banks on the boycott issue. While MacDonald’s comment seemed to open the door to some further action, some observers thought it may be some time before anything is done even if MacDonald decides to proceed with a toughening of the rules. The Bank Act is coming up for a 10-year review prior to its scheduled expiry June 30 but there is speculation that it may be extended a year to allow for revisions.
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