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Confusing Sanctions Regime Irks Industry, Prompting Plan for Single List

Posted August 15, 2014

Under Economic Issues, International Trade Issues

(Jim Bronskill – CBC News)

The tangle of lists that Canadian banks and other financial institutions rely on to sanction terrorists, tyrants and other troublemakers are confusing and often out of date, industry players are telling the federal government.

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

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. Read more here.