Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law)

The legislation discusses the measures taken by Canada to combat foreign money laundering and terrorist financing. The bill amends the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

Key points:

1. Restrictions on Dealing with Foreign Nationals: The bill restricts dealing with foreign nationals in various forms, including providing financial services, acquiring services for their benefit, or making property available to them.
2. Order Authorizing Minister: The Governor in Council may authorize the Minister to issue permits to carry out specified activities or transactions that are restricted or prohibited under this Act.
3. Forfeiture Orders: If a judge determines that property is owned by a foreign national who is subject to an order, it can be forfeited to Her Majesty in right of Canada.
4. Payment from Proceeds Account: The Minister may pay out of the Proceeds Account amounts not exceeding the net proceeds from the disposition of property forfeited under section 4.2, but only to compensate victims of the circumstances described in subsection 4(2).
5. Duty to Determine and Disclosure: Entities must determine on a continuing basis whether they are in possession or control of property that may belong to a foreign national subject to an order. If such property is found, it must be disclosed to the supervising and regulating agency without delay.
6. Tabling in Parliament: A copy of each order made under paragraph 4(1)(a) must be tabled in each House of Parliament within 15 days after it is made.

Overall, this legislation aims to prevent foreign money laundering and terrorist financing by restricting dealings with foreign nationals and allowing for the forfeiture of property if it belongs to a person who is subject to an order.