Posted on OSFI’s website:
Sanctions related to Venezuela have been enacted under the Special Economic Measures Act in order to implement the decision of the Association formed between Canada and the United States of America on September 5, 2017.
The Office of the Superintendent of Financial Institutions has issued a notice and updated reporting forms and instructions to assist federally regulated financial institutions in meeting their obligations under the regulations.
The Special Economic Measures (Venezuela) Regulations impose an asset freeze and dealings prohibition on listed persons. The Regulations prohibit any person in Canada and any Canadian outside Canada from:
- dealing in property, wherever situated, that is owned, held or controlled by listed persons or a person acting on behalf of a listed person;
- entering into or facilitating any transaction related to a dealing prohibited by these Regulations;
- providing any financial or related services in respect of a dealing prohibited by these Regulations;
- making available any goods, wherever situated, to a listed person or a person acting on behalf of a listed person; and
- providing any financial or other related services to or for the benefit of a listed person.