On 16 November 2022, Canada will: Special Economic Measures (Iran) Regulations (“Regulations”) in response to the Iranian regime’s “ongoing, gross and systematic human rights abuses and continued actions that destabilize peace and security.” These amendments listed six of his additional individuals and two entities under Schedule 1 of the Regulations and entered into force on November 10, 2022.
There are now over 250 parties listed on Schedule 1 of the Rules. Among the newly listed political parties are high-ranking officials, prominent regime supporters, and those involved in “arms sales and the provision of Iranian military personnel to train and assist Russian forces in the use of Iranian weapons.” Includes associations.
Generally speaking, a Listing under Schedule 1 of the Rules imposes a trading ban, effectively an asset freeze, on the Listing Party. Canadians in or outside of Canada cannot:
- Transactions in property owned, held or controlled by persons named in Schedule 1 or acting on behalf of persons on the List, wherever located.
- enter into or facilitate, directly or indirectly, any transaction related to such transaction;
- provide financial or other related services in connection with such transactions;
- Make the Products available to the persons listed in Schedule 1 or to persons acting on their behalf, wherever they may be located.
- Provide financial or related services to, or for the benefit of, any person on Schedule 1.
- export, sell, supply, or ship any goods listed in Schedule 2 to the Regulations to Iran, to any person in Iran, or to any person for the purposes of any business conducted or operated in Iran;Also
- Transfer, provide or disclose to Iran or any Iranian person any technical data relating to any goods listed in Schedule 2 of the Regulations;
The Canadian government has now issued five sets of revised regulations since the beginning of October in response to Iran’s “gross and systemic human rights abuses” and ongoing violations of international peace and security. In this changing legal landscape, sanctions compliance must be continuously assessed.Regulations enacted under Economic Special Measures Law Requires Canadian persons and Canadian citizens to disclose to the RCMP certain property held by Schedule 1 entities and related transaction information. In addition, certain entities have ongoing obligations to determine and disclose certain assets held by Schedule 1 entities.
Unofficial copy of law change Special Economic Measures (Iran) Regulations The rule, which came into effect on November 10, 2022, is available on the Global Affairs Canada website here.