An Act to amend the Special Economic Measures Act (disposal of foreign state assets)

Bill S-278 was a Senate Private Member's Bill amending the Special Economic Measures Act (S.C. 1992, c. 17) to establish a federal framework for the disposal of seized assets of designated foreign nationals (the 44-1 precursor to 45-1 Bill S-214). Builds on the Justice for Victims of Corrupt Foreign Officials Act (S.C. 2017, c. 21, the Canadian Magnitsky Act). The federal Forfeited Property Sharing Account (under the Seized Property Management Act) has received approximately $200 million in seized assets from Magnitsky-style designations since 2017 per Global Affairs Canada. The bill aimed to direct seized proceeds toward humanitarian aid for victims of designated foreign nationals' actions, particularly Ukrainian humanitarian aid post-Russian invasion February 2022. Did not pass third reading; reintroduced as S-214 of 45-1.