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ARTICLE · 11 JULY 2024

Evasive Maneuvers – New Reporting Obligations And Enforcement Tools For Canada's Economic Sanctions Regime

McCarthy Tétrault
McCarthy Tétrault
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Canada's economic sanctions regime is undergoing major changes to its reporting obligations and enforcement mechanisms. On June 20, 2024, An Act to implement certain provisions...

CanadaInternational Law
Terms Of Trade
Terms Of Trade
John Boscariol
John Boscariol
Gajan Sathananthan
Gajan Sathananthan
Jason Quinn
Jason Quinn
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Canada's economic sanctions regime is undergoing major changes to its reporting obligations and enforcement mechanisms. On June 20, 2024, An Act to implement certain provisions of the fall economic statement tabled in Parliament on November 21, 2023 and certain provisions of the budget tabled in Parliament on March 28, 2023 ("C-59") received royal assent. Among the many changes it brings into effect, C-59 raises a host of new sanctions considerations for importers and exporters, as well as financial services firms and other reporting entities under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act S.C. 2000, c. 17 ("PCMLTFA"). More recently, on July 6, 2024, the Canadian Government also released a notice of proposed amendments to regulations under the PCMLTFA (the "Proposed Regulatory Amendments") that would require reporting on property directly or indirectly owned, held, or controlled by sanctioned persons. Collectively, these changes greatly

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