Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law) (S.C. 2017, c. 21)

Marginal note:Deemed ownership

• 2.01 (1) If a foreign national controls an entity other than a foreign state, any property that is owned — or that is held or controlled, directly or indirectly — by the entity is deemed to be owned by that foreign national.

• Marginal note:Criteria

  (2) For the purposes of subsection (1), a foreign national controls an entity, directly or indirectly, if any of the following criteria are met:

  • (a) the foreign national holds, directly or indirectly, 50% or more of the shares or ownership interests in the entity or 50% or more of the voting rights in the entity;

  • (b) the foreign national is able, directly or indirectly, to change the composition or powers of the entity’s board of directors; or

  • (c) it is reasonable to conclude, having regard to all the circumstances, that the foreign national is able, directly or indirectly and through any means, to direct the entity’s activities.