PECB MS Policy Regarding Canadian Economic Sanctions
In order to support security and peace and enforce international laws and norms, international community, including Canada, have established economic and trade sanctions against a number of countries and specific individuals and entities, identified as being associated with terrorist activities (such as Al-Qaida or the Taliban).
The Parliament of Canada has enacted legislation authorization that imposes trade and economic sanctions and related measures against foreign states and non-state actors. All Canadian sanctions are imposed under the United Nations Act (UNA), the Special Economic Measures Act (SEMA) or the Justice for Victims of Corrupt Foreign Officials Act (JVCFOA).
Sanctions imposed by Canada on specific countries, organizations, or individuals vary, and can include the following types of sanctions:
- Arms and Related Materials Embargo
- Asset Freeze
- Export/Import Restrictions
- Financial Prohibitions
- Technical Assistance Prohibition
In order to be compliant with Canadian Economic Sanctions, PECB MS cannot directly or indirectly conduct financial transactions, nor get involved in providing services to individuals and entities restricted by Canadian Economic Sanctions.
NOTE: Services that are violating or would be in violation with Canadian Economic Sanctions are halted immediately. Moreover, an internal audit is performed by PECB MS on an ongoing basis to ensure compliance with Canadian Economic Sanctions and to identify any potential nonconformity.
Learn more about Canadian Economic Sanctions by clicking here.