New Canadian Economic Sanctions Deemed Ownership Rule Now in Force

On June 22, 2023, Budget Implementation Act, 2023, No. 1 formerly Bill C-47 received Royal Assent. Among the various other measures in this omnibus bill, the Act made significant amendments to Canada's autonomous sanctions statutes, the Special Economic Measures Act the SEMA and the Justice for Victims of Corrupt Foreign Officials Act the Magnitsky Law, to clarify ownership and control rules for purposes of sanctions imposed under the SEMA and the Magnitsky Law.

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