Confusing sanctions regime irks industry

Industry players say the tangle of lists that Canadian financial institutions rely on to sanction terrorists, tyrants and other troublemakers are confusing and often out of date.

OTTAWA — Industry players say the tangle of lists that Canadian financial institutions rely on to sanction terrorists, tyrants and other troublemakers are confusing and often out of date.

Records released under the Access to Information Act show the complaints have prompted a federal plan to create a single, comprehensive roster of targeted people and organizations.

Businesses currently use 19 different lists from five domestic and international websites to ensure the freezing or seizure of assets linked to certain individuals and entities in countries including Iran, North Korea and, most recently, Russia and Ukraine.

Private-sector members of a federal advisory committee on anti-money laundering measures and terrorist financing have expressed concerns about the burdensome requirements.

At a May 2013 committee meeting, the Finance Department circulated a draft plan to address grievances including the lack of a consolidated, downloadable list.

Officials told a follow-up meeting last November that progress was being made on developing a single website with all relevant sanctions information.

Just Posted

Red Deer teacher contracts condemning same-sex relationships ‘not acceptable’

Eggen says Red Deer Catholic Schools assured him they no longer have employees sign the form

Second-degree murder trial on hold until January

Jury not back until Jan. 7 for 2015 stabbing death trial while lawyers argue evidence issues

Hospitalizations jump in Red Deer due to opioid poisonings

Small city hospitals impacted more by opioid crisis

Stray dog spotted in one Red Deer neighbourhood, could be missing for 1 year

Red Deerians asked not to feed this german shepard

WATCH: CP Holiday Train rolls into Lacombe

Kelly Prescott performed for hundreds of Central Albertans

Trump comments upend U.S. approach to Huawei, trade talks

WASHINGTON — The United States and China have taken pains this week… Continue reading

WATCH: CP Holiday Train rolls into Lacombe

Kelly Prescott performed for hundreds of Central Albertans

Dumba scores twice, Wild rout Canadiens 7-1

ST. PAUL, Minn. — Reeling and banged up, the Minnesota Wild were… Continue reading

Coach Hunter wants up-tempo Team Canada as world junior squad hits ice

COLWOOD, B.C. — Team Canada coach Tim Hunter says the team that… Continue reading

Study finds female-led films outperform male ones

NEW YORK — A study organized by Time’s Up, the organization formed… Continue reading

Price Is Right contestant wins winter trip to Winnipeg, Churchill

WINNIPEG — Who wants to visit Winnipeg in the dead of winter?… Continue reading

CBC Gem streaming service to launch exclusive content, partners with Wattpad

TORONTO — The CBC has launched a new streaming service featuring live… Continue reading

‘Part of the solution:’ Alberta seeks proposals to build new refinery

EDMONTON — Alberta is looking for someone to build a new oil… Continue reading

Most Read