OSFI reminds financial institutions of Canada’s economic sanctions against North Korea, Syria

The Office of the Superintendent of Financial Institutions (OSFI) has posted notices to Canadian P&C insurance companies and other financial institutions following up on the economic sanctions Canada has imposed on the Democratic People’s Republic of Korea (DPRK) and Syria.OSFI is requesting that financial institutions consult the Canada Gazette when the regulations enforcing the ban will be published. The regulations came into affect on Aug. 11, 2011.Essentially, the regulations prohibit Canadian financial institutions, including federally regulated financial institutions, from providing or acquiring financial services to, from or for the benefit of or on the direction or order of the DPRK or any person in the DPRK. There are exceptions in a posting on OSFI’s Web site:http://www.international.gc.ca/sanctions/korea-coree.aspx?lang=eng&view=dSimilar sanctions apply to Syria, as posted on OSFI’s Web site. Again, OSFI has requested that companies consult the Canada Gazette, where the detailed regulations will be published in the future:http://www.international.gc.ca/sanctions/syria-syrie.aspx?lang=eng&menu_id=52&view=d