Export Compliance Daily
WEB6 days ago · The Office of Foreign Assets Control unveiled an interim final rule this week that will extend the agency’s sanctions-related record-keeping requirements from five years to 10 years. The rule, effective in mid-March, will align the agency’s record-keeping rules with a similar expansion of the statute of limitations for civil and criminal violations of U.S. sanctions as part of a bill ...
Cypriot Banks Say They're Complying With All US Sanctions, but …
WEB1 day ago · Maria Aristidou Demetriou, chief compliance officer with Hellenic Bank Cyprus, said the country’s banks have begun inserting language in contracts with new customers outlining the banks’ “obligation to abide by the U.S. sanctions.”. She said she believes this gives the financial industry some legal “coverage for what we are doing.”.
US Issues New Export Control Code of Conduct, Export Guidance
WEBMar 31, 2023 · The U.S. and more than 20 of its allies this week released an export controls code of conduct, establishing a new forum for “subscribing states” to share information and stop technologies from being used for human rights violations.The Bureau of Industry and Security also issued new guidance describing how it factors human rights issues into its export application decisions and outlining ...
Recent Export Control Enforcement Actions 'Just the Beginning,' …
WEBMay 18, 2023 · The new strike force, launched by DOJ and the Commerce Department in April (see 2302160019), is “sending a strong demand signal” from “headquarters” to prosecutors that the administration is prioritizing export control and sanctions cases, Axelrod said.But he also said the government had been working on this week's indictments -- which charged six people for trying to illegally ship ...
Law Firm Expects US to Expand Statute of Limitations for EAR …
WEBMay 6, 2024 · President Joe Biden on April 24 signed into law a wide-ranging national security bill that extended the statute of limitations on certain sanctions violations from five to 10 years (see 2404290071 and 2404240043).Steptoe, in a May 2 client alert, said it envisions the U.S. making the same change for violations of the Export Administration Regulations to make sure U.S. enforcement powers are ...
US Shares Export Control Evasion Trends Identified by Banks ...
WEBSep 12, 2023 · The report comes after FinCEN and BIS in recent months issued two joint alerts, including one that was designed to put companies and entities “on notice” about the types of red flags they should be monitoring for potential Russian sanctions and export control evasion tactics (see 2210060043).The alert also created a new code for financial institutions to include in their Bank Secrecy Act ...
US Should 'Tread Lightly' Around New Export Controls, Lawmaker …
WEBJul 17, 2023 · Warner, speaking during an event last week hosted by the German Marshall Fund, was asked whether the U.S. needs to better regulate certain activities by cloud providers, which are reportedly being used as a loophole by Chinese companies to acquire advanced semiconductors. The Bureau of Industry and Security has said it’s looking at ways to stop China from specifically using rental agreements ...
BIS Aiming for More Corporate Enforcement This Year, Official Says
WEBMar 6, 2023 · BIS Aiming for More Corporate Enforcement This Year, Official Says. 6 Mar 2023 by Ian Cohen. The Bureau of Industry and Security will increase the number of penalties it issues against corporations for export violations this year, an effort it hopes will lead to improved industry compliance, the top export BIS …
US, EU Can Use TTC to Ease Export Compliance Challenges, ITI Says
WEBJan 19, 2022 · In comments to the Bureau of Industry and Security, ITI specifically pointed to BIS’s frenetic Entity List activity -- including more than 500 additions since 2017 -- and the EU’s new dual-use export regulations (see 2109090007 and 2112090043).). “Rapid and drastic changes” to different export control regulations can be …
BIS to Request Input on US-EU Export Control Discrepancies
WEBMar 23, 2023 · BIS to Request Input on US-EU Export Control Discrepancies. The Bureau of Industry and Security will soon request feedback from industry, academia and others on key differences in U.S. and EU interpretations of export control provisions, said Charles Wall, BIS’ senior policy adviser for the U.S.-EU Trade and …
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