Emergency Economic Measures Order (SOR/2022-22)

Marginal note:Definitions

1 The following definitions apply to this Order:

designated person

designated person means any individual or entity that is engaged, directly or indirectly, in an activity prohibited by sections 2 to 5 of the Emergency Measures Regulations. (personne désignée)

entity

entity includes a corporation, trust, partnership, fund, unincorporated association or organization or foreign state. (entité)

Marginal note:Duty to cease dealings

• 2 (1) Any entity set out in section 3 must, upon the coming into force of this Order, cease

  • (a) dealing in any property, wherever situated, that is owned, held or controlled, directly or indirectly, by a designated person or by a person acting on behalf of or at the direction of that designated person;

  • (b) facilitating any transaction related to a dealing referred to in paragraph (a);

  • (c) making available any property, including funds or virtual currency, to or for the benefit of a designated person or to a person acting on behalf of or at the direction of a designated person; or

  • (d) providing any financial or related services to or for the benefit of any designated person or acquire any such services from or for the benefit of any such person or entity.

• Marginal note:Insurance policy

  (2) Paragraph 2(1)(d) does not apply in respect of any insurance policy which was valid prior to the coming in force of this Order other than an insurance policy for any vehicle being used in a public assembly referred to in subsection 2(1) of the Emergency Measures Regulations.

Marginal note:Duty to determine

3 The following entities must determine on a continuing basis whether they are in possession or control of property that is owned, held or controlled by or on behalf of a designated person:

• (a) authorized foreign banks, as defined in section 2 of the Bank Act, in respect of their business in Canada, and banks regulated by that Act;

• (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 regulated by a provincial Act that are engaged in the business of insuring risks;

• (f) companies regulated by the Trust and Loan Companies Act;

• (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 paragraphs 5(h) and (h.1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act;

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

• (k) entities that provide a platform to raise funds or virtual currency through donations; and

• (l) entities that perform any of the following payment functions:

  • (i) the provision or maintenance of an account that, in relation to an electronic funds transfer, is held on behalf of one or more end users,

  • (ii) the holding of funds on behalf of an end user until they are withdrawn by the end user or transferred to another individual or entity,

  • (iii) the initiation of an electronic funds transfer at the request of an end user,

  • (iv) the authorization of an electronic funds transfer or the transmission, reception or facilitation of an instruction in relation to an electronic funds transfer, or

  • (v) the provision of clearing or settlement services.

Marginal note:Registration requirement — FINTRAC

• 4 (1) The entities referred to in paragraphs 3(k) and (l) must register with the Financial Transactions and Reports Analysis Centre of Canada established by section 41 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act if they are in possession or control of property that is owned, held or controlled by or on behalf of a designated person.

• Marginal note:Reporting obligation — suspicious transactions

  (2) Those entities must also report to the Centre every financial transaction that occurs or that is attempted in the course of their activities and in respect of which there are reasonable grounds to suspect that

  • (a) the transaction is related to the commission or the attempted commission of a money laundering offence by a designated person; or

  • (b) the transaction is related to the commission or the attempted commission of a terrorist activity financing offence by a designated person.

• Marginal note:Reporting obligation — other transactions

  (3) Those entities must also report to the Centre the transactions and information set out in subsections 30(1) and 33(1) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations.

Marginal note:Duty to disclose — RCMP or CSIS

5 Every entity set out in section 3 must disclose without delay to the Commissioner of the Royal Canadian Mounted Police or to the Director of the Canadian Security Intelligence Service

• (a) the existence of property in their possession or control that they have reason to believe is owned, held or controlled by or on behalf of a designated person; and

• (b) any information about a transaction or proposed transaction in respect of property referred to in paragraph (a).

Marginal note:Disclosure of information

6 A Government of Canada, provincial or territorial institution may disclose information to any entity set out in section 3, if the disclosing institution is satisfied that the disclosure will contribute to the application of this Order.

Marginal note:Immunity

7 No proceedings under the Emergencies Act and no civil proceedings lie against an entity for complying with this Order.

Marginal note:Coming into force

8 This Order comes into force on the day on which it is registered.