4 It is prohibited for any person in Canada or any Canadian outside Canada to knowingly do anything that causes, facilitates or assists in, or is intended to cause, facilitate or assist in, any activity prohibited by sections 3, 3.1 and 3.4.
- SOR/2011-220, s. 3
- SOR/2011-330, s. 2
- SOR/2019-61, s. 10
Duty to Determine
5 Each of the following entities must determine on a continuing basis whether it is in possession or control of property owned or controlled by or on behalf of a designated person:
(e) fraternal benefit societies regulated by a provincial Act in respect of their insurance activities and insurance companies and other entities engaged in the business of insuring risks that are regulated by a provincial Act;
(g) trust companies regulated by a provincial Act;
(h) loan companies regulated by a provincial Act;
(i) entities that engage in any activity described in paragraph 5(h) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act if the activity involves the opening of an account for a client; and
(j) entities authorized under provincial legislation to engage in the business of dealing in securities or to provide portfolio management or investment counselling services.
(a) the existence of property in their possession or control that they have reason to believe is owned or controlled, directly or indirectly, by a designated person or by an entity owned or controlled by a designated person; and
(b) information about a transaction or proposed transaction in respect of property referred to in paragraph (a).
- SOR/2019-61, s. 11
Application to No Longer Be a Designated Person
(2) On receipt of the application, the Minister must decide whether there are reasonable grounds to recommend to the Governor in Council that the applicant’s name be removed from Schedule 1.
(3) The Minister must make a decision on the application within 90 days after the day on which the application is received.
(4) The Minister must give notice without delay to the applicant of the decision taken.
(5) If there has been a material change in circumstances since the last application was submitted, a person may submit another application under subsection (1).
- SOR/2012-145, s. 5
Application for a Certificate
(2) If it is established that the person is not a designated person, the Minister must issue a certificate to the applicant within 30 days after the day on which the application is received.
9 [Repealed, SOR/2011-330, s. 3]
Application Prior to Publication
Coming into Force
11 These Regulations come into force on the day on which they are registered.
- Date modified: