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ARTICLE · 04 JULY 2022

Canadian Sanctions Laws: Key Considerations For Loan Transactions

Osler, Hoskin & Harcourt LLP
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In response to the Russian invasion of Ukraine, many countries, including Canada, have rapidly imposed sanctions against Russia. A key component of sanctions is a prohibition...

CanadaInternational Law
Joyce Bernasek
Joyce Bernasek
Alan Kenigsberg
Alan Kenigsberg
Malcolm Peck-McQueen
Malcolm Peck-McQueen
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In response to the Russian invasion of Ukraine, many countries, including Canada, have rapidly imposed sanctions against Russia. A key component of sanctions is a prohibition on providing financial services to designated persons or entities in sanctioned jurisdictions. Such prohibition raises sanctions compliance risks for loan transactions involving entities whose operations may be subject to the sanctions. In this article, we discuss Canadian sanctions laws and issues that may affect parties to a loan transaction. Canadian anti-money laundering and anti-corruption requirements under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and the Corruption of Foreign Public Officials Act will also be relevant but are outside the scope of this article.

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