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ARTICLE · 27 SEPTEMBER 2024

New Sanctions Reporting Requirements For Importers And Exporters

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The Fall Economic Statement Implementation Act amends the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Act) by introducing new reporting obligations for importers and exporters to declare...

CanadaInternational Law
Brenda C. Swick
Brenda C. Swick
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The Fall Economic Statement Implementation Act amends the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Act) by introducing new reporting obligations for importers and exporters to declare whether the goods they are importing or exporting are proceeds of crime or related to sanctions evasion, money laundering, or the financing of terrorist activities. Failure to comply can result in the seizure and forfeiture of the goods and the imposition of Administrative Monetary Penalties (AMP). Companies throughout the supply chain should ensure that they implement the necessary policies and procedures to ensure compliance with the new reporting requirements.

Reporting and Record Keeping Requirements

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