The government has committed to a comprehensive approach to combatting money laundering and terrorist financing, and imposing financial sanctions. This promotes the integrity of the financial system and the safety and security of Canadians.
As part of this work, the government continually works to strengthen and modernize the legislative framework, for example, to respond to technological changes and evolving threats, and to take into account administrative burdens.
Part 4, division 6, proposes legislative amendments to the Justice for Victims of Corrupt Foreign Officials Act, or the Sergei Magnitsky Law, to reduce the reporting burden for financial institutions by removing the monthly nil reporting requirement for financial institutions to confirm that they were not in possession of assets associated with sanctioned entities or individuals, and requiring the financial institutions to disclose, without delay, and once every three months after that, if they determine that they are in possession of assets associated with sanctioned entities or individuals.
I'll pause there. Thank you.