Cross-border Currency and Monetary Instruments Reporting Regulations (SOR/2002-412)

Retention

• 16 (1) For the purposes of subsection 14(1) of the Act, an officer shall give the person or entity written notice in person or, if the person is not present, shall send the notice by registered mail to the person’s latest known address.

• (2) For the purposes of subsection 14(2) of the Act, the notice is to be given within 60 days after the day on which the currency or monetary instruments are imported or exported, as the case may be.

17 The prescribed retention period, for the purposes of subsection 14(1) of Act, is

• (a) in the case of importation or exportation by courier or as mail, 30 days after the day on which the retention notice is given or sent; and

• (b) in any other case, seven days after the day on which the retention notice is given or sent.

Penalties

18 For the purposes of subsection 18(2) of the Act, the prescribed amount of the penalty is equal to

• (a) 5% of the value of the seized currency or monetary instruments, up to a maximum of $2,500, in the case of a person or entity who

  • (i) has not concealed the currency or monetary instruments,

  • (ii) has made a full disclosure of the facts concerning the currency or monetary instruments on their discovery, and

  • (iii) has no previous seizures under the Act;

• (b) 25% of the value of the seized currency or monetary instruments, in the case of a person or entity who

  • (i) has concealed the currency or monetary instruments, other than by means of using a false compartment in a conveyance, or who has made a false statement with respect to the currency or monetary instruments, or

  • (ii) has a previous seizure under the Act, other than in respect of any type of concealment or for making false statements with respect to the currency or monetary instruments; and

• (c) 50% of the value of the seized currency or monetary instruments, in the case of a person or entity who

  • (i) has concealed the currency or monetary instruments by using a false compartment in a conveyance, or

  • (ii) has a previous seizure under the Act for any type of concealment or for making a false statement with respect to the currency or monetary instruments.

19 to 23 [Amendments]

Coming into Force

• 24 (1) Subject to subsection (2), these Regulations come into force on January 6, 2003.

• (2) Sections 19 to 23 come into force on the day on which the Presentation of Persons (2003) Regulations come into force.