Bill S-278
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- ENGLISH
- SUMMARY SUMMARY
- Special Economic Measures Act Special Economic Measures Act
- EXPLANATORY NOTES EXPLANATORY NOTES
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First Session, Forty-fourth Parliament, 70-71 Elizabeth II – 1-2 Charles III, 2021-2022-2023 |
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SENATE OF CANADA |
An Act to amend the Special Economic Measures Act (disposal of foreign state assets)
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FIRST READING, October 4, 2023
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THE HONOURABLE SENATOR Omidvar |
SUMMARY
This enactment amends the Special Economic Measures Act to allow the Governor in Council to dispose of a foreign state’s assets seized under the Act if the seizure occurred without a judicial order.
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Available on the Senate of Canada website at the following address: www.sencanada.ca/en |
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1st Session, 44th Parliament, 70-71 Elizabeth II – 1-2 Charles III, 2021-2022-2023 |
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SENATE OF CANADA |
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BILL S-278 |
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An Act to amend the Special Economic Measures Act (disposal of foreign state assets) |
His Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
1992, c. 17
Special Economic Measures Act
1 Section 5 of the Special Economic Measures Act is replaced by the following:
Costs
5 Any costs incurred by or on behalf of Insertion start His Insertion end Majesty in right of Canada in relation to the seizure or restraint of property under an order made under paragraph 4(1)(b) or the disposal of property forfeited under section 5.4 Insertion start or 5.41 Insertion end are the liability of the owner of the property and constitute a debt due to Insertion start His Insertion end Majesty in right of Canada that may be recovered in any court of competent jurisdiction.
2 Paragraph 5.2(b) of the Act is replaced by the following:
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(b) the property is forfeited to Insertion start His Insertion end Majesty in right of Canada under section 5.4 Insertion start or 5.41 Insertion end .
3 The Act is amended by adding the following after subsection 5.4(1):
Exception
Start of inserted block(1.1) An order made under subsection (1) cannot relate to property that is owned, held or controlled, directly or indirectly, by a foreign state.
End of inserted block4 The Act is amended by adding the following after section 5.4:
Forfeiture of foreign state assets
Start of inserted block5.41 The Governor in Council may, by order, have any property that is the subject of an order made under paragraph 4(1)(b) and that is owned — or that is held or controlled directly or indirectly — by a foreign state to be forfeited to His Majesty in right of Canada.
End of inserted block5 The portion of section 5.6 of the Act before paragraph (a) is replaced by the following:
Payment out of Proceeds Account
5.6 After consulting with the Minister of Finance and the Minister of Foreign Affairs, the Minister may — at the times and in the manner, and on any terms and conditions, that the Minister considers appropriate — pay out of the Proceeds Account, as defined in section 2 of the Seized Property Management Act, amounts not exceeding the net proceeds from the disposition of property forfeited under section 5.4 Insertion start or 5.41 Insertion end , but only for any of the following purposes:
6 Subsection 6.2(1) of the Act is replaced by the following:
RCMP
6.2 (1) The Commissioner of the Royal Canadian Mounted Police may assist the Minister in matters related to the making of an order under paragraph 4(1)(b), the seizure or restraint of any property that is the subject of such an order Insertion start , Insertion end the making of an application for forfeiture of the property under section 5.4 Insertion start or the making of an order under section 5.41 Insertion end and, for that purpose, may collect information from and disclose information to the persons referred to in section 6.1.
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Published under authority of the Senate of Canada
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EXPLANATORY NOTES
5 Any costs incurred by or on behalf of Her Majesty in right of Canada in relation to the seizure or restraint of property under an order made under paragraph 4(1)(b) or the disposal of property forfeited under section 5.4 are the liability of the owner of the property and constitute a debt due to Her Majesty in right of Canada that may be recovered in any court of competent jurisdiction.
5.2 All secured and unsecured rights and interests in any property that is the subject of an order made under paragraph 4(1)(b) that are held by a person are entitled to the same ranking that they would have been entitled to had the order not been made, unless
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. . .
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(b) the property is forfeited to Her Majesty in right of Canada under section 5.4.
5.6 After consulting with the Minister of Finance and the Minister of Foreign Affairs, the Minister may — at the times and in the manner, and on any terms and conditions, that the Minister considers appropriate — pay out of the Proceeds Account, as defined in section 2 of the Seized Property Management Act, amounts not exceeding the net proceeds from the disposition of property forfeited under section 5.4, but only for any of the following purposes:
6.2 (1) The Commissioner of the Royal Canadian Mounted Police may assist the Minister in matters related to the making of an order under paragraph 4(1)(b), the seizure or restraint of any property that is the subject of such an order or the making of an application for forfeiture of the property under section 5.4 and, for that purpose, may collect information from and disclose information to the persons referred to in section 6.1.