Operational Bulletin 395 - March 6, 2012 - Sanctions against Syria
Syrian nationals, who for the purpose of this Operational Bulletin (OB) are defined as persons holding Syrian citizenship, or persons residing in Syria may face restrictions in transferring funds to Canadian banks, as a result of the imposition on March 5, 2012, of amended sanctions against Syria under the Special Economic Measures Act (SEMA), which prohibit persons in Canada and Canadians outside Canada from providing or acquiring “any financial services or other related services… to, from or for the benefit of or on the direction or order of Syria or any person in Syria.”
There is an exemption under the amended sanctions for non-commercial remittances of $40,000 or less, or for payments required under a contract that was entered into prior to March 5, 2012.
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