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:
(a) authorized foreign banks, as defined in section 2 of the Bank Act, in respect of their business in Canada or banks to which that Act applies;
(a.1) the Bank of Canada;
(b) cooperative credit societies, savings and credit unions and caisses populaires regulated by a provincial Act and associations regulated by the Cooperative Credit Associations Act;
(c) foreign companies, as defined in subsection 2(1) of the Insurance Companies Act, in respect of their insurance business in Canada;
(d) companies, provincial companies and societies, as those terms are defined in subsection 2(1) of the Insurance Companies Act;
(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;
(f) companies to which the Trust and Loan Companies Act applies;
(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
- SOR/2022-31, s. 4
7 (1) Every person in Canada and every Canadian outside Canada must disclose without delay to the Commissioner of the Royal Canadian Mounted Police
(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).
(2) No proceedings under the Special Economic Measures Act and no civil proceedings lie against a person for a disclosure made in good faith under subsection (1).
- SOR/2014-184, s. 9
- SOR/2019-61, s. 18
Marginal note:Application to no longer be designated person
8 (1) A designated person may apply in writing to the Minister to have their name removed from Schedule 1, 2 or 3.
(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).
Marginal note:Application for certificate
9 (1) A person claiming not to be a designated person may apply to the Minister for a certificate stating that they are not the person who has been designated under either section 2 or 2.1
(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: