{"id":4898,"date":"2020-12-06T13:50:58","date_gmt":"2020-12-06T18:50:58","guid":{"rendered":"https:\/\/clearit.ca\/canadian-customs-broker-blog\/?p=4898"},"modified":"2020-12-06T13:53:30","modified_gmt":"2020-12-06T18:53:30","slug":"canadian-sanctions-legislation","status":"publish","type":"post","link":"https:\/\/clearit.ca\/canadian-customs-broker-blog\/canadian-sanctions-legislation\/","title":{"rendered":"An Overview of Canadian Sanctions Legislation"},"content":{"rendered":"

As an importer, you may be familiar with the idea of sanctions, and even how certain sanctions related to your particular offering function. Regardless of your degree of knowledge about sanctions, staying informed, up-to-date, and refreshed on sanctions and how they impact your work is integral. Remaining compliant to sanction legislation is central to maintaining your business reputation and managing legal and financial risks.\u00a0<\/span><\/p>\n

As such, we will be covering a few basics surrounding sanctions legislation. Canada is considered to be a trading nation. As a result (or as a function of this), Canadian businesses tend to have ties to other nations across the globe. Of course, sanction laws have a huge implication for Canadian business.<\/p>\n

\"importer<\/p>\n

For the most part, there is a general alignment between Canada\u2019s sanction legislation and many international trading partners – like the US and the EU.<\/p>\n

So, who needs to comply with Canada\u2019s sanction laws?\u00a0<\/b><\/h3>\n

No surprises here (hopefully!): Canada\u2019s sanctions legislation applies to all Canadian citizens and Canadian businesses – including those that operate outside of Canada, too.<\/p>\n

What do sanction laws do, exactly?\u00a0<\/b><\/h3>\n

This legislation prohibits any kind of dealings with certain parties that reside in particular sectors of foreign jurisdictions. These laws also lay out processes for screening, reporting, and asset-freezing on regulated institutions. In fact, Canadian sanction laws include the resolutions that are in effect by the UN (plus other measures specific to Canada).<\/p>\n

These sanctions imposed on foreign parties are a critical measure to maintain the peace and security of the international community. The sanctions legislation includes 5 major \u201cacts\u201d that cover various elements to comply with, such as:<\/p>\n