Regulations Implementing the United Nations Resolutions on the Suppression of Terrorism

7 (1) Every entity referred to in paragraphs 83.11(1)(a) to (g) of the Criminal Code must determine on a continuing basis if it is in possession or control of property owned or controlled by or on behalf of a listed person.

(2) Every entity referred to in subsection (1) must report within the applicable period determined under subsection 83.11(2) of the Criminal Code to the principal agency or body that supervises or regulates it under federal or provincial law either

• (a) that it is not in possession or control of any property referred to in subsection (1); or

• (b) that it is in possession or control of such property, in which case it must also report the number of persons, contracts or accounts involved and the total value of the property.

(3) Subsection (2) does not apply in respect of any entity or class of entities that is excluded by regulations made under subsection 83.11(4) of the Criminal Code from the requirement to make a report under subsection 83.11(2) of that Act.

(4) No person contravenes subsection (2) for making a report in good faith under that subsection.