The federal government is seeking to give itself new powers to seize and sell already sanctioned assets from foreign entities, and use the proceeds to help rebuild affected countries and compensate victims.
It’s a policy change that the Liberals have already indicated they want to use once it passes against Russians sanctioned for his continued attacks in Ukraine.
Under the proposed measures, the Special Economic Measures Act, which outlines Canada’s sanctions, would be updated to, among other things, allow the federal government to “take economic measures” in situations where violations of the peace and international security, when there are acts of “significant corruption”, or when there have been systematic violations of human rights in a foreign state or acts of significant corruption.
Through changes to the Act, Canada could be empowered to order the forfeiture of applicable property, and the funds collected could then be invested to help rebuild a war-torn country, compensate victims of human rights abuses or corruption, or help in general. restore peace and security.
“Today, we are seeking the ability not only to seize, but also to enable the forfeiture of the assets of sanctioned individuals and entities and enable us to compensate victims out of the proceeds,” Foreign Minister Melanie Joly said in a statement. statement, adding that Canada would be the first G7 country to have a sanctions regime allowing such actions.
From top politicians to influential oligarchs and industry giants, Canada has imposed sanctions on more than 1,000 individuals and entities it deems complicit in ongoing Russian attacks on Ukraine. The sanctions have so far only allowed Canadian assets to be frozen along with other prohibitions.
It is not clear how many of the entities or individuals sanctioned by Canada have assets that would be available to Canadian authorities through these powers.
The movement seems reflect a proposal gaining ground in the Senate, from Senator Ratna Omidvar, who is seeking Canada to seize and reuse frozen assets.
PART OF THE NEXT PROPOSED BUDGET
These new powers are outlined ahead of the upcoming far-reaching Budget Implementation Act that will move to make hundreds of pages of legislative amendments stemming from commitments made in the 2022 federal budget.
called to “Ways and Means” Motion, the wording tabled in the House of Commons on Tuesday essentially acts as a heads-up to MPs about what the budget bill will include when it is tabled, a move expected in the coming days. It is a specific process for budgets, and the language presented in the motion will still need to be introduced through legislation and carried through the House and Senate legislative processes.
The motion also includes plans to update the Criminal Code, the Copyright Act, the Customs Act, the Immigration and Refugee Protection Act, the Corrections and Parole Act, and the Parliament of Canada Act, among others. many other legislative amendments that were in process. somehow noted in the April 7 budget document.
While loosely worded, the government indicated in the budget its intention to continue working with allies and clarifying the powers of Foreign Ministers in regards to the ability to “target assets and ill-gotten gains of elites.” of Russia and those who act on its behalf.”
“This includes the use of resources to identify, freeze and seize assets to ensure that sanctioned individuals and entities can no longer access their resources and assets abroad,” the budget says.
Despite the expected general nature of the next bill, there is little question as to whether or not it will pass, given that the NDP has struck a deal with the Liberals to back their budgets and other confidence issues until 2025.
It remains to be seen how long the massive legislation will take to pass. The most recent and considerably shorter bill moving through budget measures from the December 2021 fiscal update is still pending in Parliament.
Reference-www.ctvnews.ca