Marginal note:Assisting in a prohibited activity
5 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 to 3.3.
- SOR/2014-184, s. 7
- SOR/2014-316, s. 4
- SOR/2019-61, s. 17
Marginal note:Duty to determine
6 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 listed in Schedule 1:
(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.
- SOR/2014-184, s. 8
(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 listed in Schedule 1 or by an entity owned or controlled by a designated person listed in that Schedule; and
(b) information about a transaction or proposed transaction in respect of property referred to in paragraph (a).
- SOR/2014-184, s. 9
- SOR/2019-61, s. 18
Marginal note:Application to no longer be 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, 2 or 3.
(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.
Marginal note:New application
(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/2014-184, s. 10
Marginal note:Application for 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.
- SOR/2014-184, s. 11
Application Prior to Publication
Marginal note:Statutory Instruments Act
Coming into Force
11 These Regulations come into force on the day on which they are registered.
- Date modified: