In recent years, Canada has significantly expanded its multilateral and unilateral trade control measures. Broader scope and increased enforcement in the areas of economic sanctions, export and technology transfer controls, and defence trade controls have raised the stakes for Canadians engaged in cross-border activities. Enforcement and reputational risk is higher than ever and it is critical for any Canadian company doing business abroad to ensure it has internal controls in place to mitigate the growing risk exposure.
On November 22, 2011, in response to an assessment of Iran’s nuclear program by the International Atomic Energy Agency, Canada imposed new sanctions under the Special Economic Measures Act. Citizenship and Immigration Canada has now provided instructions on how it will apply these economic sanctions to Iranian immigrant investors.
Established in 1995, First Reference provides organizations with practical and authoritative resources to help ensure compliance with constantly changing Canadian legislation and best practice