New Sanctions Measures Prohibit Dealings With Corrupt Foreign Officials

Canada has implemented new economic sanctions measures targeting activities involving certain "politically exposed foreign persons". The measures prohibit dealing directly or indirectly in any property of such persons, entering into or facilitating a related financial transaction, and providing financial services or other related services in respect of such property. The Freezing Assets of Corrupt Foreign Officials (Tunisia and Egypt) Regulations provide for specific measures to be taken against former Tunisian and Egyptian leaders and senior officials, and their associates and family members, suspected of misappropriating state funds or obtaining property inappropriately.

Persons in Canada and Canadians outside Canada are subject to broad prohibitions and other requirements concerning the property of politically exposed foreign persons. All companies doing business internationally should be reviewing and revising their sanctions compliance policies, including their