FINTRAC Terrorist Property Lists Unavailable
FINTRAC Terrorist Property Lists Unavailable
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The Office of the Superintendent of Financial Institutions (OSFI) has ceased publication of two lists that are used by REALTORS® to determine whether their clients are terrorists or terrorist groups for the purposes of satisfying their FINTRAC Regime obligations.
OSFI’s website indicates that the information contained in these lists are available elsewhere. However, FINTRAC’s Guideline 5: Submitting Terrorist Property Reports to FINTRAC continues to refer to the old lists. Given the potential for confusion, CREA has reached out to FINTRAC for clarification and obtained the following policy interpretation:
OSFI’s website indicates that the information contained in these lists are available elsewhere. However, FINTRAC’s Guideline 5: Submitting Terrorist Property Reports to FINTRAC continues to refer to the old lists. Given the potential for confusion, CREA has reached out to FINTRAC for clarification and obtained the following policy interpretation:
“In the absence of OSFI’s consolidated lists, a reporting entity must have an alternate means to refer to the prescribed lists, pursuant to the applicable subsections of the Criminal Code and the RIUNRST [Regulations Implementing the United Nations Resolutions on the Suppression of Terrorism], which are available at the following links, https://laws-lois.justice.gc.ca/eng/regulations/SOR-2002-284/page-1.html#h-694379, and https://laws‑lois.justice.gc.ca/eng/regulations/sor-2001-360/page-3.html#docCont, respectively. In addition, FINTRAC would encourage reporting entities [i.e. REALTORS®] to refer to other lists or media that may exist, to make the determination on “any person, group, trust, partnership or fund or an unincorporated association or organization that has as one of its purposes or activities facilitating or carrying out any terrorist activity”.
FINTRAC has also informed CREA that they are in the process of updating Guideline 5 to reflect this development.
CREA continues to actively engage with FINTRAC on this issue as it is concerned and disappointed that the changes were made without any prior notification or having a replacement for the OSFI terrorist lists in place. Once Guideline 5 is updated, CREA will update its own materials on REALTOR Link®. In the interim, CREA suggests Boards and Associations notify their membership of FINTRAC’s policy interpretation.
If you have any questions, please contact Simon Parham, CREA Legal Counsel.
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