March 7, 2012 - FINTRAC Advisory

Canada announces Amendments to Special Economic Measures (Syria) Regulations.

On March 5, 2012, Canada imposed further sanctions against Syria, enacting the Regulations Amending the Special Economic Measures (Syria) Regulations (the “RASEMA Syria Regulations”) under the Special Economic Measures Act (SEMA).

The announced measures broaden the prohibition on financial services, previously limited to the petroleum trade and related investments, to include the provision and acquisition of all financial or other related services to or from Syria. The new measures also add seven individuals and the Central Bank of Syria to the list of designated persons subject to an assets freeze and dealings prohibition, and provides for new exemptions to minimize the impact on ordinary Canadians and Syrians.

For more information concerning these new restrictions consult the web site of Foreign Affairs and International Trade Canada:

http://www.international.gc.ca/sanctions/syria_developments-developpements_syrie3.aspx?view=d

http://www.international.gc.ca/sanctions/syria-syrie.aspx?lang=eng&menu_id=70&view=d

FINTRAC encourages all reporting entities to be aware of the obligations on all persons in Canada under the new sanctions, particularly in respect of dealings with designated persons and the prohibition on the provision or acquisition of financial services to or from Syria.

The Office of the Superintendent of Financial Institutions (OSFI) has issued a Notice to all federally regulated financial institutions to be aware of the Special Economic Measures (Syria) Regulations and to take a number of actions in relation to them.

For a copy of the Notice, visit: http://www.osfi-bsif.gc.ca/Eng/fi-if/amlc-clrpc/snc/sema-rmes/Pages/2012-12-12-SY.aspx