On August 31, 2023, OFSI made its first use of the disclosure enforcement power granted to it pursuant to the Economic Crime (Transparency and Enforcement) Act 2022 (“ECA”) in relation to a case involving Wise Payments Limited (“Wise”) making funds
International Compliance Blog
The International Compliance Blog, published by Steptoe LLP, focuses on developments in international sanctions, export controls, and anti-money laundering regulations. It covers topics such as US and UK sanctions regimes, enforcement actions, regulatory proposals affecting financial institutions and investment advisers, and guidance on compliance risks related to global trade and financial transactions. The blog also discusses government policies on export controls, voluntary self-disclosure programs, and the impact of sanctions on specific sectors like oil shipping and financial markets. It serves as a resource for understanding compliance obligations and enforcement trends in the context of international economic sanctions and regulatory frameworks.
Latest from International Compliance Blog - Page 5
Critical Tornado Cash Developments Have Significant Implications for DeFi AML and Sanctions Compliance
After months of anticipation, a federal judge has finally ruled in the closely watched case of Joseph Van Loon, et al. v. Department of Treasury, et al. This important case addressed challenges to the US Department of the Treasury’s Office…
BIS Promulgates CCL Changes Based on Nuclear Supplier Group Commitments
By Jack Hayes & Ed Krauland
Effective August 18, 2023, the U.S. Department of Commerce, Bureau of Industry and Security (BIS) issued amendments to the Commerce Control List (CCL) (15 CFR Part 774) of the Export Administration Regulations (EAR) to formalize changes based on…
OFAC Sanctions Former Governor of Lebanon Central Bank and Associates
On August 10, 2023, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), in coordination in the United Kingdom and Canada, designated the former governor of Lebanon’s central bank, Riad Salameh (“Salameh”) and four close associates,…
Key Takeaways from the 2022 CFIUS Annual Report
On July 31, 2023, the Committee on Foreign Investment in the United States (CFIUS) released its Annual Report to Congress for Calendar Year 2022. CFIUS is the inter-agency body charged with conducting national security reviews for certain foreign investments…
U.S. Government Revises Export Controls Regarding Commercial Nuclear Commerce with China
By Ed Krauland & Jack Hayes
On August 11, 2023, the U.S. Nuclear Regulatory Commission (“NRC”) and the U.S. Department of Commerce, Bureau of Industry & Security (“BIS”) announced amendments to their existing regulations concerning exports of nuclear materials and related equipment destined for China and…
Biden Administration Announces New Outbound Investment Regime Targeting China
Overview
On August 9, 2023, the White House issued a long-awaited Executive Order, entitled Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern (“EO 14105”). The EO establishes a new national security regulatory…
Assistant Secretary for Export Enforcement Matthew Axelrod Addresses Recent Developments in Export Controls and Antiboycott Regulations
On July 26, 2023, Assistant Secretary for Export Enforcement Matthew Axelrod of the US Department of Commerce’s Bureau of Industry and Security (“BIS”) spoke at the Society for International Affairs “Back to Basics” conference about BIS’s recent efforts to build…
Commerce, Treasury, and Justice Issue Joint Compliance Note on Voluntary Self-Disclosure
On July 26, 2023, the US Department of Commerce’s Bureau of Industry and Security (BIS), the US Department of the Treasury’s Office of Foreign Assets Control (OFAC), and the US Department of Justice (DOJ) issued a joint compliance note (the…
Commerce Issues Final Rule Targeting Connected Software Applications
On June 16, 2023, the US Department of Commerce published a final rule (the “June 16 rule”) to implement Executive Order (EO) 14034, Protecting Americans’ Sensitive Data From Foreign Adversaries, by amending Commerce’s previously-issued Securing the Information and Communications…