The Investment Dealers Association of Canada has issued a bulletin outlining the effect of economic sanctions against Burma (aka Myanmar) on its members.

It notes that on Dec. 13, 2007 the Governor in Council enacted special economic measures against Burma. The regulations were published in the Canada Gazette on Dec. 26, 2007.

Among other things, the regulations prohibit Canadian financial institutions, from dealing with a designated person; they also prohibit any person in Canada and any Canadian abroad from investing in property in Burma; or, from providing to or acquiring financial services from Burma.

The regulations impose new reporting obligations on financial institutions. They will also require dealers to monitor financial transactions to ensure that transactions connected to Burma are identified and blocked. And, firms are required to report the existence of property in its possession or control that it has reason to believe is owned or controlled by persons covered by the regulations to the RCMP.