The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is alerting firms such as securities dealers to their obligations under recent federal orders freezing the assets of various former Ukrainian officials.
Earlier, the Office of the Superintendent of Financial Institutions (OSFI) issued a notice regarding the obligations of federally-regulated firms, such as banks and life insurers, to search for, and freeze the assets of, 18 people connected with the recently ousted regime in Ukraine, and to report the existence of any assets to the authorities.
On Friday, FINTRAC called for all firms with reporting obligations under anti-money laundering rules — which includes securities dealers, accountants and money services businesses — of the measures being taken against various members of the recently-deposed government of Viktor Yanukovych, including members of his family and his former administration.
It notes that all individuals and firms in Canada, and Canadians abroad, should be aware of the prohibition on dealing with allegedly corrupt foreign officials from Ukraine. The prohibition includes a ban on facilitating financial transactions, and providing financial services, or related services to the named officials. Additionally, firms are required to report to the RCMP if they have any property of any of these corrupt foreign officials or under their control; and information about transactions with them.