Looking Back and Moving Forward: Key Developments in Canadian Trade Controls and Economic Sanctions During 2009
As 2009 draws to an end, it is an opportune time to review the changes to Canada’s economic sanctions and trade controls over the past year in order to ensure compliance programs are fully up-to-date and risks of contravention and enforcement action are minimized.
Because of the significant financial and reputational impact that contraventions in this area can have, it is important that any company doing business internationally, whether in the goods, services or technology sector, ensure appropriate compliance and due diligence measures are in place. These include: maintaining compliance manuals; appointing responsible compliance officers; screening customers, end-users and suppliers; providing training programs; conducting internal audits; establishing disclosure procedures; and reviewing contracts and other legal documentation on a regular basis.
