War in Ukraine: Beware of transactions that may conflict with economic sanctions against Russia

On April 19, 2022, the Government of Canada updated the Consolidated Canadian Autonomous Sanctions List, which includes the names of Russian and Belarusian individuals and entities subject to special economic sanctions in response to the military invasion of Ukraine.

In this regard, it is important for licensees to be aware that it is notably prohibited to enter into or facilitate, directly or indirectly, any transaction related to any property, wherever located, with such persons and entities under the Special Economic Measures (Russia) Regulations (section 3b).                                                      

In addition, FINTRAC's Bulletin (PDF) pointed out that individuals and entities subject to these sanctions, particularly those whose financial assets have been acquired through illegal activity, are likely to deploy established money laundering techniques and channels to evade sanctions. 

Check it out to identify and assess money laundering and terrorist financing risks, implement controls and measures to mitigate these risks, and effectively detect and report suspicious financial transactions.