Banks must comply with sanctions against Libya: OSFI - Industry news - News Investment Executive

Banks must comply with sanctions against Libya: OSFI - Industry news - News Investment Executive: "The Office of the Superintendent of Financial Institutions has told Canadian banks and other financial institutions that they must comply with sanctions against Libya as soon as possible.

OSFI said Monday that it has advised all federally regulated financial firms that the UN Security Council and the Canadian government are implementing financial sanctions against Libya, including an asset freeze against Moammar Gadhafi and members of his family.

Prime Minister Stephen Harper said that Canada would go beyond the UN measures and also impose an asset freeze on, and a prohibition of financial transactions with, the government of Libya, and its institutions and agencies, including the Libyan Central Bank.

“These actions will help restrict the movement of, and access to money and weapons for those responsible for violence against the Libyan people,” Harper said.

Canada’s regulations are expected to be posted Monday, and OSFI is in process of preparing a notice regarding implementation, which will be posted on its Web site soon. In the meantime, the federal regulator says that financial firms should note that Canada’s regulations came into effect on February 27, so firms should implement searching, asset freezing and reporting processes immediately."