In June 2024 Bill C-59, the Fall Economic Statement Implementation Act received royal assent. Division 8 of this legislation introduced various amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act, SC 2000, c 17 (PCMLTFA or the Act) and the Criminal Code (the Amendments) to support the Canadian Government's ongoing efforts to combat financial crime and prevent sanctions evasion.
On August 19, 2024, certain notable sections of the Amendments came into force that broaden the suspicious transaction reporting requirements under the Act to cover transactions suspected of relating to sanctions evasion. The Amendments also introduce new declaration requirements for importers and exporters regarding the sanctions status of property they are trading, which will be implemented in due course subject to the development of corresponding administrative procedures. Related proposed regulatory amendments, also not yet in force, will further expand sanctioned property reporting obligations for reporting entities under the Act.
We are fortunate to have Julia Webster, Partner, Baker McKenzie, joining us at the CSCB National Conference to provide a high-level overview of Canada's sanctions regime, discuss the recent amendments to the PCMLTFA, and detail what customs brokers need to know about Canada's new mandatory sanctions evasion declaration process for importers, exporters and persons financing import/export transactions. Make sure you join us in Calgary to learn all about these new mandatory sanctions evasion declaration process!