Originally published by the Journal of Commerce in January 2019
One of the topics that consistently makes the top 5 in just about every survey of issues of concern to companies is the cost of regulatory compliance. This is true in large measure because the complexity of the issues covered by those regulations keeps increasing
On June 30, 2017, Global Affairs Canada issued Notice to Exporters No. 12 “Amendment to Area Control List (removal of Belarus)”. On May 13, 2016, Global Affairs had announced that it would “initiate the regulatory process to remove Belarus from the Area Control List (ACL)”. It took over a year to get
Canada’s Magnitsky Act is not yet law. Bill S-226 “Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law)” started as a Senate bill and has passed third reading in Canada’s Senate on April 11, 2017. On April 13, 2017, Bill S-226 passed first reading in Canada’s House of Commons and passed
On March 5, 2012, Canada imposed further economic sanctions and trade restrictions against Syria and closed the doors of Canada’s Embassy in Damascus. Canada’s Minister of Foreign Affairs announced new Regulations Amending the Special Economic Measures (Syria) Regulations to stop almost all financial transactions. The new rule is Rule 11 below and exemptions relating to Rule 11.
Recap
On May 24, 2011, Prime Minister Harper announced that Canada was imposing targeted economic sanctions and trade restrictions under the Special Economic Measures Act (Canada) against designated persons in the Syrian regime. On August 18, 2011, Canada’s Minister of Foreign Affairs added more designated persons to the list covered by the targeted sanctions. On October 4, 2011, the Minister of Foreign Affairs added sanctions targeting the petroleum industry and new investments in the oil industry. On December 23, 2011, the Minister of Foreign Affairs expanded its targeted sanctions by prohibiting all imports from Syria, except for food for human consumption, as well as all new investment in Syria and the export to Syria of telecommunications monitoring equipment. On January 25, 2012, the Minister of Foreign Affairs expanded the list of designated persons.
Continue Reading Canada’s Economic Sanctions Against Syria: More Sanctions To Force Regime Change