Bill C-219: Sergei Magnitsky International Anti-Corruption and Human Rights Act

Canadian businesses and individuals who deal internationally — particularly those in finance, banking, import/export, and real estate — need to be aware that the list of sanctionable conduct has grown and penalties for violations have increased significantly. If your company moves money, goods, or services across borders, or holds assets on behalf of foreign nationals, you face a higher risk of inadvertently dealing with a newly sanctioned person, since transnational repression and broader peace-and-security threats are now grounds for sanctions. The maximum fine for a summary conviction offence has risen to $100,000, with up to three years in prison. Compliance teams at financial institutions, money services businesses, and exporters will need to update their sanctions screening procedures to reflect the expanded criteria and the Act's new name.