Application of the United Nations Resolution
to Suppress Terrorism
Background
On September 28, 2001, the United Nations Security Council adopted resolution 1373 (2001) requiring member States to take specific steps to prevent and suppress the financing of terrorist acts in their territories and to co-operate with the international community to combat terrorism.
In this regard, the Government of Canada made the United Nations Suppression of Terrorism Regulations (the “Regulations”). They enabled the principal measures set out in Resolution 1373 (2001) to be applied. In particular, they contain a list of the persons and organizations believed to be associated with terrorist activities.
Obligations of institutions
Canadian financial institutions – within the meaning of section 2 of the Bank Act – must determine on a continuing basis whether they are in possession or control of property owned by a person whose name appears on the list and they must report monthly to the agency or body that supervises or regulates them.
To do so, they may use the list updated on a monthly basis by the Office of the Superintendent of Financial Institutions of Canada at www.osfi-bsif.gc.ca.
They have the obligation to disclose forthwith to the Commissioner of the Royal Canadian Mounted Police (RCMP) and to the Director of the Canadian Security Intelligence Service (CSIS) the existence of property in their possession or control which, to their knowledge, is owned or controlled by a terrorist group, as well as all information about a financial transaction in respect of such property.
REGULATIONS IMPLEMENTING THE UNITED NATIONS RESOLUTIONS IN IRAN
Background
On December 23, 2006, the United Nations Security Council adopted Resolution 1737 (2006), requiring member States to take specific steps to prevent any financing that provides support for Iran’s proliferation sensitive nuclear activities or the development of nuclear weapon delivery systems.
In this regard, the Government of Canada made the Regulations Implementing the United Nations Resolution on Iran (the “Regulations”), which enable the principal measures set out in Resolution 1737 (2006) to be applied.
Obligations of institutions
Section 11 of the Regulations orders Canadian financial institutions in particular to review their records on a continuing basis to determine whether they are in possession or control of any property that is owned by a listed person and to report monthly thereon to their regulatory body.
You must therefore review your records on a continuing basis to determine whether any transactions have taken place with or on behalf of any Listed Persons. To do so, you must consult the list updated regularly by the Superintendent of Financial Institutions.
In addition, under section 12 of the Regulations, you must disclose forthwith to the Commissioner of the Royal Canadian Mounted Police (RCMP) and to the Director of the Canadian Security Intelligence Service (CSIS) the existence of property in your possession or control that you have reason to believe is owned or controlled by or on behalf of a listed person, as well as all information about a transaction or proposed transaction in respect of such property.
OBLIGATION TO FILE MORE THAN ONE REPORT
Persons regulated by the AMF must complete the monthly report prescribed for this purpose and file it no later than the 14th day of each month.
Monthly report duly completed and signed by a senior officer of the firm, preferably the president, must be sent by fax to 418 647-4396, to the attention of Sylvie Lacroix, inspector at the AMF.
Regulations Implementing the United Nations Resolution on Libya and Taking Special Economic Measures
On February 26, 2011, the Security Council of the United Nations unanimously adopted Resolution 1970 (2011). The Resolution calls for various measures against Libya in light of the situation in the country.
The Government of Canada therefore made, on February 27, 2011, the Regulations Implementing the United Nations Resolution on Libya and Taking Special Economic Measures. All persons and entities governed by the laws administered by the AMF are urged to read the Regulations to ensure compliance with their provisions.
Freezing Assets of Corrupt Foreign Officials (Tunisia and Egypt) Regulations
The Freezing Assets of Corrupt Foreign Officials Act came into force on March 23, 2011. Under the Act, the Government of Canada made the Freezing Assets of Corrupt Foreign Officials (Tunisia and Egypt) Regulations, which also came into force on March 23, 2011.
All individuals and entities governed by the laws administered by the AMF are urged to read the Freezing Assets of Corrupt Foreign Officials Act and the Freezing Assets of Corrupt Foreign Officials (Tunisia and Egypt) Regulations to ensure compliance with the provisions of the Act and the Regulations.
More Information
For more information, please contact:
Sylvie Lacroix
1 877 525-0337, ext.4755
sylvie.lacroix@lautorite.qc.ca
You may also contact the following organizations:
Royal Canadian Mounted Police (unclassified fax) : (613) 949-3113
Canadian Security Intelligence Service (unclassified fax) : (613) 231-0266
Office of the Superintendent of Financial Institutions: www.osfi-bsif.gc.ca
Financial Transactions and Reports Analysis Centre of Canada (FINTRAC): www.fintrac.gc.ca
