Compliance
Compliance Corner: Canada, Russia Sanctions

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Canada, Russia sanctions
On April 7, 2022, Canada’s government proposed widened powers to
go after property of people targeted by sanctions against
designated Russians, such as oligarchs and others linked to
President Vladimir Putin.
The country wants to amend legislation, including the Special
Economic Measures Act (SEMA) and the Justice for Victims of
Corrupt Foreign Officials Act – “Magnitsky Act.”
As explained by international law firm Dentons, the changes link to a
broader definition of “property”, which now includes money,
funds, and digital assets, among others, and the government’s
power to not only seize foreign assets, but also allow for the
forfeiture of these assets, which can then be redistributed as
compensation to victims, restoration of international peace and
security or to help in rebuilding a foreign state from
war.
The Canadian budget also outlines requirements for banks to
provide lists of foreign assets frozen by Canadian government
sanctions so that the government has an inventory of what has
been seized.
The Dentons note added that Canada is reportedly deploying
efforts to convince other countries in the Group of Seven major
industrialized nations to adopt similar measures.