Cleary International Trade and Sanctions Watch

Blog Authors

A B C DEF G HIJ K L M NOPQRS T U VWXYZ

Daniel Ilan

Francesco Iodice

Latest from Cleary International Trade and Sanctions Watch

Cleary International Trade and Sanctions Watch

United States Designates Myanmar Military Conglomerates

By Paul Marquardt, Samuel H. Chang & Saranna Soroka

March 26, 2021

On Thursday, March 25, the Biden administration imposed blocking sanctions against Myanma Economic Holdings Public Company Limited (MEHL) and Myanmar Economic Corporation Limited (MEC), pursuant to Executive Order 14014 (the Burma EO), in response to the military’s refusal to disavow the February 1, 2021 military coup.[1] As a result of the sanctions, all transactions and dealings within U.S. jurisdiction, including U.S. dollar interbank transfers, in which MEHL and MEC have a direct or indirect…

Cleary International Trade and Sanctions Watch

OFAC Settles with Digital Currency Payment Processor for Sanctions Violations

By Derek M. Bush, Paul Marquardt, Alexis Collins, Chase D. Kaniecki, Patrick Fuller, Michael G. Sanders & Megan Lindgren

March 9, 2021

On February 18, 2021, the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC) announced a $507,375 settlement with BitPay, Inc. (BitPay), a payment processor for merchants accepting digital currency as payment for goods and services, for 2,102 apparent violations of multiple sanctions programs between 2013 and 2018.[1] The settlement highlights that financial service providers facilitating digital currency transactions must not only establish sanctions compliance programs to screen their own customers but…

Cleary International Trade and Sanctions Watch

United States Imposes Sanctions in Response to Military Coup in Myanmar

By Paul Marquardt, Chase D. Kaniecki, Nathanael Kurcab & William S. Dawley

February 16, 2021

On February 10, 2021, in response to the February 1, 2021, military coup in Myanmar (Burma),[1] President Biden issued an executive order (the Burma EO)[2] authorizing the imposition of blocking sanctions against a range of individuals and entities. Concurrently, the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC) designated 10 individuals (two of the individuals were already designated under a different sanctions authority) and three entities on the list of…

Cleary International Trade and Sanctions Watch

Developments in U.S. Sanctions and Foreign Investment Regulatory Regimes

By Paul Marquardt, Chase D. Kaniecki, Aurèle Delors, Mirko von Bieberstein, John Messent, Samuel H. Chang & Hani Isam Bashour

February 5, 2021

The following post was originally included as part of our recently published memorandum “Selected Issues for Boards of Directors in 2021”. The new year comes in the midst of an evolving landscape for economic sanctions, including the transition away from a U.S. administration that has relied on tightening economic sanctions as a key component of a number of foreign policy initiatives. In 2021, boards of directors should be aware of the ongoing implementation…

Cleary International Trade and Sanctions Watch

Lexology Getting The Deal Through: Foreign Investment Review 2021

By Paul Marquardt, Chase D. Kaniecki, Nathanael Kurcab, Nora McCloskey & Elise G. Lane

February 1, 2021

Cleary Gottlieb partner Paul Marquardt, counsel Chase Kaniecki, and associates Nate Kurcab, Nora McCloskey, and Elise Lane co-authored the United States chapter in Lexology Getting The Deal Through Foreign Investment Review 2021. To read the chapter, click here or visit the Lexology website (subscription may be required.)…

Cleary International Trade and Sanctions Watch

President Trump Authorizes Restrictions on Additional Chinese Applications and Calls for Potential New Export Restrictions on Personal Data; Details to Come

By Paul Marquardt, Chase D. Kaniecki & Hani Isam Bashour

January 15, 2021

In one of a series of lame-duck sanctions and export control actions rushed into place before the transition to the Biden Administration, on January 5, 2021, President Trump issued an Executive Order Addressing the Threat Posed by Applications and Other Software Developed or Controlled by Chinese Companies (the Executive Order)[1] authorizing the Commerce Department to regulate or prohibit any transaction involving a U.S. person or within the jurisdiction of the United States with persons…

Cleary International Trade and Sanctions Watch

Current Status of Restrictions on Securities of Chinese Military Companies

By Paul Marquardt, Chase D. Kaniecki & Samuel H. Chang

January 10, 2021

As noted in our previous blog post, Executive Order (EO) 13959 introduced novel sanctions prohibiting U.S. persons from purchasing publicly traded securities (debt or equity) issued by companies designated by the U.S. Government as “Communist Chinese military companies” (CMCs), as well as an ill-defined group of securities “designed to provide economic exposure” to the targeted Chinese securities. These restrictions go into effect on Monday, January 11. While over the last two weeks, the U.S.…

Cleary International Trade and Sanctions Watch

Congress Overhauls AML Framework, Mandating Disclosure of Beneficial Ownership Information

By David E. Brodsky, Abena Mainoo, Derek M. Bush, Katherine Mooney Carroll, Paul Marquardt, Patrick Fuller & Michael G. Sanders

December 17, 2020

As part of the National Defense Authorization Act for 2021 (the “NDAA”), Congress has passed the most significant U.S. anti-money laundering (“AML”) legislation since the USA PATRIOT Act of 2001, the “Anti-Money Laundering Act of 2020” (“AMLA 2020”). Although President Trump has threatened to veto the NDAA, the majorities supporting the legislation would be sufficient to override the veto if members do not change their votes. The legislation requires U.S. corporations and LLCs and non‑U.S.…

Cleary International Trade and Sanctions Watch

Full Foreign Ownership in UAE Takes Shape: Abu Dhabi and Dubai Issue First FDI Licenses

By Gamal M. Abouali, Chris Macbeth, Jad Nasr & Lynn Ammar

November 17, 2020

Abu Dhabi and Dubai have recently issued their first Foreign direct investment licenses allowing foreign investors to own up to 100% of UAE companies engaged in certain types of activities. Abu Dhabi has also recently adopted its own positive list of economic activities eligible for an FDI License in the emirate, featuring a generous total of 1586 activities across the agricultural, industrial and service sectors. These developments substantively complete the implementation, in the largest two…

Cleary International Trade and Sanctions Watch

Trump Administration Bans Transactions in Securities of Military-Linked Chinese Companies: Potentially Far-Ranging Consequences Remain Unclear

By Paul Marquardt & Chase D. Kaniecki

November 13, 2020

Yesterday, President Trump issued an Executive Order [1] that will, following an initial two-month grace period and a further ten-month wind-down period in which only dispositions are permitted, prohibit U.S. persons (including citizens and U.S. legal entities acting outside the United States and foreign citizens and legal entities acting inside the United States)[2] from engaging in any transactions in publicly traded securities (debt or equity) issued by companies that the U.S. government designates as…

Cleary International Trade and Sanctions Watch

Blog Authors

United States Designates Myanmar Military Conglomerates

OFAC Settles with Digital Currency Payment Processor for Sanctions Violations

United States Imposes Sanctions in Response to Military Coup in Myanmar

Developments in U.S. Sanctions and Foreign Investment Regulatory Regimes

Lexology Getting The Deal Through: Foreign Investment Review 2021

President Trump Authorizes Restrictions on Additional Chinese Applications and Calls for Potential New Export Restrictions on Personal Data; Details to Come

Current Status of Restrictions on Securities of Chinese Military Companies

Congress Overhauls AML Framework, Mandating Disclosure of Beneficial Ownership Information

Full Foreign Ownership in UAE Takes Shape: Abu Dhabi and Dubai Issue First FDI Licenses

Trump Administration Bans Transactions in Securities of Military-Linked Chinese Companies: Potentially Far-Ranging Consequences Remain Unclear

Stay Connected

Company

Products

Support

New to the Network