Canadian Sanctions Laws
Canada has sanctions and related measures (“Canadian Sanctions Laws”) in place against a number of countries, as well as sanctions against
specific individuals and entities (“Designated Persons”) identified as being: (i) responsible for, or complicit in, extrajudicial killings, torture or other
gross violations of internationally recognized human rights; (ii) responsible for, or complicit in ordering, controlling or otherwise directing significant
acts of corruption; or (iii) associated with terrorist activities, including with Al-Qaida or the Taliban.
Canadian sanctions are primarily imposed under the United Nations Act, the Special Economic Measures Act, and the Justice for Victims of Corrupt
Foreign Officials Act (Sergei Magnitsky Law) and associated regulations.
However, the Parliament of Canada has also enacted additional legislation and regulations that impacts Canadian Sanctions Laws and Designated
Persons listings within the Criminal Code, the Freezing of Assets of Corrupt Foreign Officials Act, the Export and Import Permits Act and the
Immigration and Refugee Protection Act.
The above legislation and regulations generally require persons (i.e. individuals and entities) in Canada and Canadians outside Canada to disclose
and report certain holdings and activities, specifically in relation to provisions that freeze the financial assets of targeted individuals and entities.