Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law)

In force

This text since 18 Oct 2017law://ca/sc/2017/21/sec_6@2026-11-10

Contents

6Determination#

Each of the following entities must determine on a continuing basis whether it is in possession or control of property that it has reason to believe is the property of a foreign national who is the subject of an order or regulation made under section 4:

(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;

(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;

(j)entities authorized under provincial legislation to engage in the business of dealing in securities or to provide portfolio management or investment counselling services; and

(k)other entities of a prescribed class of entities.

Federal laws of Canada reproduced under the Reproduction of Federal Law Order (SI/97-5); not the official version. Source: Justice Laws Website.

Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law)

6Determination#

Defined terms · 10

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6Determination#