What Are Sanctions?

Sanctions are restrictive measures that are put in place by the United Nations (UN) Security Council, European Union (EU) Council, the United Kingdom (UK) or other countries in the international community to achieve a specific foreign policy or national security objective, as well as maintain international peace and security. Sanctions come in many forms and are developed in response to a particular circumstance. It may include designations for financial sanctions, including asset freezes; trade sanctions, including arms embargoes and restrictions; and immigration sanctions, known as travel bans. Such restrictions may limit the provision of certain financial services or restrict access to financial markets, funds, economic resources, trade and exports.

Any person that fails or refuses to provide information to the Agency that it considers relevant to the performance of its functions commits an offence and is liable on summary conviction to a fine not exceeding twenty thousand dollars or to imprisonment for a term not exceeding two years or to both.

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