Special Economic Measures Act (S.C. 1992, c. 17)

PART 2Obligations Specific to Financial Institutions

Definitions

Marginal note:Definitions

13 The following definitions apply in this Part.

federal financial institution

federal financial institution means a financial institution, as defined in section 3 of the Office of the Superintendent of Financial Institutions Act. (institution financière fédérale)

foreign property

foreign property means any property that is situated in Canada and that is owned — or is held or controlled, directly or indirectly — by a person, including a foreign state, that is identified in an order or regulation made under subsection 4(1). (bien étranger)

Regulations and Orders

Marginal note:Requirement to provide information

• 14 (1) On the recommendation of the Minister of Finance made after that Minister has consulted with the Minister of Foreign Affairs, the Governor in Council may make regulations requiring that a federal financial institution provide the Minister of Finance with information on

  • (a) any foreign property that is in the federal financial institution’s possession or control; and

  • (b) any profits that the federal financial institution realizes from such foreign property.

• Marginal note:Rules

  (2) The regulations may include rules respecting

  • (a) the manner of determining the amount of any profits;

  • (b) the non-application of the regulations to any foreign property or profits;

  • (c) the time within which and the manner in which information must be provided; and

  • (d) any other matter related to the administration of the regulations.

Marginal note:Direction to pay

• 15 (1) The Minister of Finance may make an order directing a specified federal financial institution to pay to the Receiver General any profits realized from foreign property that is in the federal financial institution’s possession or control, in the amount that is specified in the order or determined in the manner set out in the order.

• Marginal note:Rules

  (2) The order may include rules respecting

  • (a) the time within which and the manner in which the profits must be paid; and

  • (b) any other matter related to the administration of the order.

• Marginal note:Debt to His Majesty

  (3) An amount payable under the order and any costs incurred by or on behalf of His Majesty in right of Canada in relation to recovering the amount are the liability of the federal financial institution that is required to pay the amount and constitute a debt due to His Majesty in right of Canada that may be recovered in any court of competent jurisdiction.

• Marginal note:Statutory Instruments Act

  (4) The order is not a statutory instrument for the purposes of the Statutory Instruments Act.

Administration and Enforcement

Marginal note:Minister of Finance

16 The Minister of Finance is responsible for the administration and enforcement of this Part.

Marginal note:Sharing of information

17 The Minister of Foreign Affairs, any Minister designated under subsection 6(2) or (3), the Superintendent of Financial Institutions and the Director of the Canadian Security Intelligence Service may assist the Minister of Finance in matters relating to the making, administration or enforcement of regulations referred to in subsection 14(1) or an order referred to in subsection 15(1) and, for that purpose, those persons and the Minister of Finance may collect information from and disclose information to each other.

Marginal note:Disclosure to RCMP or FINTRAC

18 The Minister of Finance may disclose to the Royal Canadian Mounted Police or the Financial Transactions and Reports Analysis Centre of Canada any information that is relevant to the making, administration or enforcement of regulations referred to in subsection 14(1) or an order referred to in subsection 15(1).

Marginal note:RCMP

19 At the request of the Minister of Finance, the Commissioner of the Royal Canadian Mounted Police may, for the purposes of this Part, disclose to the Minister of Finance any information received from a federal financial institution under an order or regulation made under Part 1.