OFAC Due Diligence Questions

Summary

This precedent is a set of due diligence questions that may be used to perform due diligence interviews regarding a Canadian company's compliance with sanctions programs established by the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC"). This includes practical guidance, drafting notes, and optional clauses. Canada imposes United Nations ("UN") mandated sanctions through the United Nations Act, R.S.C. 1985, c. U-2; Special Economic Measures Act, S.C. 1992, c. 17 (the "SEMA"); and Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law), S.C. 2017, c. 21 (the "JVCFOA"). Regulations made under these Acts create a series of restrictions, prohibitions and obligations applicable to firms and people in Canada and to Canadians overseas in relation to foreign states, individuals, and entities. Similarly, OFAC oversees and enforces economic sanctions against certain countries, regions, entities, and individuals. However, the scope of the U.S. ...