Harper Government Introduces Freezing Assets of Corrupt Regimes Act

March 03, 2011

The Honourable Lawrence Cannon, Minister of Foreign Affairs, and the Honourable Rob Nicholson, Minister of Justice, today tabled the Freezing Assets of Corrupt Regimes Act in Parliament aimed at freezing assets that former repressive foreign leaders may hold in Canada.
“Today I tabled the Freezing Assets of Corrupt Regimes Act in Parliament to give the Government of Canada new and more robust tools in our fight against corruption and the misappropriation of state funds by repressive foreign leaders,” said Minister Cannon.
This legislation will allow Canada to act upon the request of a foreign state to freeze the assets that their former leaders and members of their entourage, including family members, senior officials and associates, may have placed in Canadian financial institutions. It will also give Canada the authority to seize any property such individuals may own in this country.
“Recent developments in the Middle East and North Africa have shown the world how important it is to have legislation in place to allow for a quick response to ensure that foreign dictators cannot hide their ill-gotten wealth in our country,” added Minister Cannon.
Economic sanctions are not always an appropriate response for those seeking to establish democracy and responsible governance.
This new legislation will allow Canada to support democratic reforms and accountability by ensuring that any misappropriated property can be frozen immediately once a written request is received from a foreign state.
“We urge all members of Parliament to support this important bill so that Canada can move to freeze the assets of corrupt and repressive leaders in a timely manner,” said Minister Nicholson.