Bill Detail
An Act to amend the Special Economic Measures Act (disposal of foreign state assets)
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.
This bill, S-214, amends the Special Economic Measures Act to give the government the power to sell or transfer assets from foreign states that have been seized under the Act. This is particularly for cases where assets were seized without a court order. The goal is to allow Canada to dispose of these seized assets.
This change affects foreign states whose assets might be seized by Canada. It also clarifies the process for dealing with these seized assets, including who is responsible for any costs associated with their seizure or disposal. The amendments aim to streamline the process of managing and potentially reallocating assets that have been subjected to economic sanctions.