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ARTICLE · 14 JULY 2023

Key Amendments To Canadian Sanctions Legislation Now In Force

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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On June 22, 2023, the Budget Implementation Act, 2023, No. 1 received Royal Assent. The new legislation enacted several key amendments to Canadian sanctions legislation, which impact...

CanadaInternational Law
Vladimir Shatiryan
Vladimir Shatiryan
Roy Millen
Roy Millen
Alan Fraser
Alan Fraser
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John Fast
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On June 22, 2023, the Budget Implementation Act, 2023, No. 1 received Royal Assent. The new legislation enacted several key amendments to Canadian sanctions legislation, which impact regulated financial institutions and businesses operating in and outside Canada. This bulletin provides an overview of key new requirements:

  • A new control test for list-based prohibitions under Canada's sanctions legislation.
  • A new requirement to report property of designated persons to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
  • Sanctions enforcement by the Canadian government, with the seizure of a Russian cargo plane at Toronto Pearson Airport.
  • Several amendments to other existing jurisdiction-specific regulations.

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