Regulators and courts in common law jurisdictions around the world are being given significant and increasing powers to impose financial penalties without traditional criminal law safeguards. Competition law has been particularly susceptible to arguments that traditional safeguards should be discarded to aid regulators in securing convictions. In the first competition case to go to trial in Hong Kong, the Competition Tribunal held in 2019 that in competition proceedings seeking financial penalties, the authority had the burden to prove its case beyond reasonable doubt. This article considers the approach taken in other common law jurisdictions and scope to argue for increased safeguards and human rights protections for clients facing financial penalties.
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Effective 28 October 2022, Canada implemented additional sanctions against Iran due to its “ongoing gross and systematic human rights violations and continued actions to destabilize regional peace and security.” An additional four individuals and two entities have been listed under Schedule 1 of the Special Economic Measures (Iran) Regulations.
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Baker McKenzie’s Sanctions Blog published the alert titled Canada Imposes More Sanctions against Russia: 35 Individuals and 6 Entities in the Energy Sector Targeted on 31 October 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Baker McKenzie’s Sanctions Blog published the alert titled Canada Announces Additional Sanctions against Russia: 34 Individuals and 1 Entity Designated on 19 October 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
On 19 October 2022, Canada announced its third round of sanctions measures against the Iranian regime in response to its “ongoing gross and systematic human rights violations and continued actions to destabilize regional peace and security.” These measures add an additional six individuals and four entities to Schedule 1 of the Special Economic Measures (Iran) Regulations.
On October 13, 2022, Canada announced further sanctions measures with respect to Iran, designating an additional seventeen individuals and three entities under Schedule 1 of the Special Economic Measures (Iran) Regulations.
Baker McKenzie’s Sanctions Blog published the alert titled Canada Introduces Additional Sanctions with respect to Russia and Ukraine on 4 October 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
On 4 February 2022, the Canadian Department of Finance released a proposed set of rules “EIFEL Rules”) intended to address concerns that Canadian taxpayers that are part of a multinational group are deducting excessive interest and other financing costs. The EIFEL Rules restrict the deductibility of net interest and other financing expenses. Although technical amendments are expected, it is anticipated that the EIFEL Rules will begin to apply for tax years that begin in 2023. Multinational groups with Canadian members are encouraged to consider the impact of the EIFEL Rules, and potential mitigation and optimization strategies, now.