As we wrote previously, the U.S. Department of the Treasury has issued a final rule that takes effect on December 26 that will dramatically raise the Committee on Foreign Investment in the United States (CFIUS) penalties from...more
12/30/2024
/ Artificial Intelligence ,
Bureau of Industry and Security (BIS) ,
Canada ,
CFIUS ,
China ,
Conspiracies ,
Directorate of Defense Trade Controls (DDTC) ,
Economic Sanctions ,
Export Controls ,
False Statements ,
Financial Institutions ,
Foreign Investment ,
International Trade ,
Investment ,
Iran ,
ITAR ,
Mexico ,
Office of Foreign Assets Control (OFAC) ,
Outbound Transactions ,
Russia ,
Tariffs ,
Trump Administration ,
U.S. Treasury
The Commerce Department issued new guidance for financial institutions on best practices for compliance with the Export Administration Regulations (EAR). Available here, the guidance emphasizes enhanced due diligence, ongoing...more
11/15/2024
/ China ,
Department of Defense (DOD) ,
Department of Justice (DOJ) ,
Duties ,
Economic Sanctions ,
Export Administration Regulations (EAR) ,
Export Controls ,
Foreign Investment ,
Hedge Funds ,
International Trade ,
ITAR ,
NASA ,
North Korea ,
Private Equity ,
Semiconductors ,
Solar Panels ,
U.S. Commerce Department ,
U.S. Treasury ,
US State Departments
The U.S. Commerce Department is soliciting comments on a proposed rule to prohibit importing and selling Vehicle Connectivity System hardware and software designed, developed, manufactured, or supplied by persons owned by,...more
10/11/2024
/ Boycotts ,
CFIUS ,
China ,
Connected Cars ,
Customs and Border Protection ,
Economic Sanctions ,
Export Controls ,
Hong Kong ,
Motor Vehicles ,
National Security ,
Office of Foreign Assets Control (OFAC) ,
PRC ,
Recordkeeping Requirements ,
Red Flags Rule ,
Russia ,
Software ,
Supply Chain ,
Tariffs ,
U.S. Commerce Department ,
US Department of State ,
USTR
On May 10, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued an Interim Final Rule (IFR), effective August 8, 2024, that updates the Reporting, Procedures, and Penalties Regulations....more
6/14/2024
/ Antiboycott Requirements ,
Biden Administration ,
Blocked Entities ,
China ,
Customs and Border Protection ,
Department of Justice (DOJ) ,
Export Administration Regulations (EAR) ,
Exports ,
Interim Final Rules (IFR) ,
Israel ,
Office of Foreign Assets Control (OFAC) ,
Reporting Requirements ,
Russia ,
Section 301 ,
Self-Disclosure Requirements ,
Senate Finance Committee ,
Tariffs ,
Turkey ,
U.S. Commerce Department ,
U.S. Treasury ,
Ukraine ,
USTR ,
Uyghur Forced Labor Prevention Act (UFLPA)
Teradyne, a Massachusetts-based supplier of semiconductor testing equipment, has reportedly pulled $1 billion of manufacturing equipment out of China in 2023 following export controls on advanced computing materials and...more
2/15/2024
/ Bureau of Industry and Security (BIS) ,
China ,
Cloud Computing ,
Economic Sanctions ,
Export Controls ,
IaaS ,
International Trade ,
Know Your Customers ,
Office of Foreign Assets Control (OFAC) ,
Proposed Rules ,
Semiconductors ,
Software ,
U.S. Commerce Department ,
U.S. Treasury ,
Ukraine ,
United Arab Emirates (UAE) ,
US Department of State
On December 11, the Department of Justice, the Department of Commerce’s Bureau of Industry and Security (BIS), the Department of Homeland Security, the Department of State’s Directorate of Defense Trade Controls (DDTC), and...more
1/12/2024
/ Bad Actors ,
Bureau of Industry and Security (BIS) ,
China ,
Compliance ,
Coronavirus/COVID-19 ,
Department of Homeland Security (DHS) ,
Department of Justice (DOJ) ,
Directorate of Defense Trade Controls (DDTC) ,
Economic Sanctions ,
Executive Orders ,
Foreign Financial Institutions (FFI) ,
Foreign Subsidiaries ,
Iran Sanctions ,
Nasdaq ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
Supply Chain ,
Tariffs ,
U.S. Commerce Department ,
Virtual Currency
On Aug. 9, President Joe Biden signed an Executive Order providing the framework for investment restrictions in China (including Hong Kong and Macau). The President has tapped the Department of the Treasury to oversee a...more
8/11/2023
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Artificial Intelligence ,
China ,
Coronavirus/COVID-19 ,
Executive Orders ,
Foreign Investment ,
Intelligence Services ,
Joe Biden ,
Microchip Technology ,
National Security ,
Office of Foreign Assets Control (OFAC) ,
PRC ,
Screening Procedures ,
Section 301 ,
Semiconductors ,
Tariffs ,
Technology Sector ,
USTR
On June 16, the U.S. Department of Commerce published a final rule, to be effective July 17, implementing the Protecting Americans’ Sensitive Data From Foreign Adversaries and amending the Securing the Information and...more
7/11/2023
/ Bureau of Industry and Security (BIS) ,
China ,
Department of Justice (DOJ) ,
Economic Sanctions ,
Enforcement Actions ,
Evasion ,
Foreign Adversaries ,
Information and Communication Technology (ICT) ,
Iran ,
North Korea ,
Russia ,
Supply Chain ,
Technology ,
U.S. Commerce Department ,
U.S. Treasury ,
Unmanned Aircraft Systems ,
Whistleblower Awards
Crypto Asset Company Settles Sanctions Violations for $7.5 million-
On May 1, the U.S. Department of Foreign Assets Control (OFAC) announced a $7.5 million settlement with crypto asset company Poloniex LLC for 65,942 apparent...more
6/14/2023
/ Books & Records ,
CFIUS ,
China ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Directorate of Defense Trade Controls (DDTC) ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Workers ,
Form I-9 ,
Human Resources Professionals ,
International Emergency Economic Powers Act (IEEPA) ,
Know Your Customers ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Securities and Exchange Commission (SEC) ,
Tariffs ,
USTR
1. Recent Enforcement Includes Largest Standalone BIS Penalty-
•Sale of foreign goods made with U.S. technology triggers largest standalone penalty On April 19, the Bureau of Industry and Security (BIS) issued a record $300...more
5/5/2023
/ Bureau of Industry and Security (BIS) ,
China ,
Code of Conduct ,
Economic Sanctions ,
Export Administration Regulations (EAR) ,
General Motors ,
Huawei ,
Human Rights ,
Immigration and Nationality Act ,
International Trade ,
Office of Foreign Assets Control (OFAC) ,
Trade Relations ,
Voluntary Disclosure
1. Reverse CFIUS Expected To Be Narrow and Only Forward-Looking Laura Black, a former Treasury Department official, recently discussed how companies should prepare for any potential U.S. outbound investment review process....more
2/20/2023
/ CFIUS ,
China ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Customs and Border Protection ,
Foreign Investment ,
NDAA ,
Section 301 ,
Supply Chain ,
U.S. Treasury ,
USTR ,
Uyghur Forced Labor Prevention Act (UFLPA)
1. Late last year, the Federal Communications Commission (FCC) adopted new rules to block the importation and sale of telecommunications equipment considered unacceptably hazardous to U.S. national security. The Report and...more
1/11/2023
/ CFIUS ,
China ,
Covered Entities ,
Criminal Conspiracy ,
Directorate of Defense Trade Controls (DDTC) ,
Economic Sanctions ,
FCC ,
General Licenses ,
Memorandum of Understanding ,
NPRM ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Russia ,
Section 301 ,
Supply Chain ,
Telecommunications ,
US Department of State ,
USTR ,
Uyghur Forced Labor Prevention Act (UFLPA) ,
Wire Fraud
Importer Pays $3.25M Settlement in FCA Case A California importer paid $3.25 million (Law360 subscription required to view) to settle a whistleblower suit brought by a former employee of its overseas supplier under the False...more
12/6/2022
/ Arms Export Control Act ,
CFIUS ,
China ,
Customs and Border Protection ,
Department of Defense (DOD) ,
Department of Justice (DOJ) ,
Discrimination ,
False Claims Act (FCA) ,
Importers ,
Intent to Defraud ,
Russia ,
Section 301 ,
U.S. Commerce Department ,
USTR ,
Uyghur Forced Labor Prevention Act (UFLPA) ,
Whistleblowers
On September 15, President Biden issued the first ever executive order (E.O.) regarding the Committee on Foreign Investment in the United States (CFIUS). While the E.O. does not change the law or regulations related to CFIUS...more
10/6/2022
/ Bureau of Industry and Security (BIS) ,
CFIUS ,
China ,
Customs and Border Protection ,
Cybersecurity ,
Department of Defense (DOD) ,
Economic Sanctions ,
Executive Orders ,
Export Administration Regulations (EAR) ,
Export Controls ,
Federal Contractors ,
Forced Labor ,
Foreign Investment ,
Imports ,
Investigations ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
U.S. Treasury ,
Uyghur Forced Labor Prevention Act (UFLPA)
1. FinCEN and BIS Target Financial Institutions for Export Compliance-
On June 28, the Financial Crimes Enforcement Network (FinCEN) and the Bureau of Industry and Security (BIS) issued their first joint alert urging...more
8/9/2022
/ Bureau of Industry and Security (BIS) ,
China ,
Compliance ,
Crypto Exchanges ,
Economic Sanctions ,
Exports ,
FinCEN ,
General Licenses ,
Office of Foreign Assets Control (OFAC) ,
Ransomware ,
Russia ,
Ukraine ,
USTR
On June 13, legislators released a new proposed version of the National Critical Capabilities Defense Act, which would establish an outbound investment review mechanism to protect U.S. technologies against adversaries like...more
7/13/2022
/ CFIUS ,
Chief Compliance Officers ,
China ,
Court of International Trade ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Emerging Technologies ,
Export Controls ,
International Trade ,
National Intelligence Agencies ,
Russia ,
U.S. Commerce Department ,
UK ,
USTR
In late December 2021, President Joe Biden signed the Uyghur Forced Labor Prevention Act (UFLPA). The new law creates a rebuttable presumption that any goods created in whole or in part in the Xinjiang Uyghur Autonomous...more
5/11/2022
/ Belarus ,
Bitcoin Mining ,
China ,
Cryptocurrency ,
Customs and Border Protection ,
Cyber Attacks ,
False Statements ,
FBI ,
Federal Trade Commission (FTC) ,
Forced Labor ,
Joe Biden ,
Made in the USA ,
North Korea ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
Section 301 ,
Tariffs ,
Trade Relations ,
U.S. Treasury ,
Uyghur Forced Labor Prevention Act (UFLPA)
1. Updates to Russia Sanctions and Export Controls-
In response to the ongoing attack on Ukraine, the U.S. government continues on a weekly basis to increase economic sanctions and export controls on Russia.
...more
4/11/2022
/ Bureau of Industry and Security (BIS) ,
CFIUS ,
China ,
Court of International Trade ,
Cryptocurrency ,
Economic Sanctions ,
Environmental Social & Governance (ESG) ,
Export Administration Regulations (EAR) ,
Export Controls ,
FCC ,
International Trade ,
National Security ,
Office of Foreign Assets Control (OFAC) ,
Oil & Gas ,
Russia ,
Supply Chain ,
Tariffs ,
U.S. Treasury
1. New Import Ban on All Products From China’s Xinjiang Region-
In late December 2021, President Biden signed the Uyghur Forced Labor Prevention Act into law. The new legislation creates a rebuttable presumption that any...more
1/5/2022
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Anti-Corruption ,
Arms Embargo ,
China ,
Customs and Border Protection ,
Cybersecurity Maturity Model Certification (CMMC) ,
Department of Defense (DOD) ,
Department of Energy (DOE) ,
ECCNs ,
Economic Sanctions ,
Export Controls ,
Forced Labor ,
Human Rights ,
Imports ,
ITAR ,
Joe Biden ,
NIST ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
Sovereign Debt ,
U.S. Commerce Department ,
U.S. Treasury
1. U.S. Emerging Tech Companies Can’t Work With These Chinese Entities
On November 26, the Commerce Department’s Bureau of Industry and Security added 27 foreign organizations and individuals, including eight technology...more
12/7/2021
/ China ,
Court of International Trade ,
Emerging Technologies ,
Emerging Technology Companies ,
Entity List ,
Export Administration Regulations (EAR) ,
Exports ,
FCC ,
MOFCOM ,
Office of Foreign Assets Control (OFAC) ,
SaaS ,
Sanctions ,
Technology Sector ,
U.S. Treasury ,
USTR ,
ZTE
The effect of global trade policies on companies’ supply chains cannot be overstated. Notwithstanding the current port delays, businesses are suffering from increasing production costs, access to efficient labor and...more
11/3/2021
/ Biden Administration ,
Buy American Act ,
C-Suite Executives ,
China ,
Environmental Social & Governance (ESG) ,
EU ,
Foreign Trade Regulations ,
Foreign Workers ,
Importers ,
Section 301 ,
Semiconductors ,
Trade Agreements ,
Trade Policy ,
Trade Relations ,
Trump Administration ,
WTO
As global trade policy affects supply chains and importing and exporting, companies often have interests on both sides of global trade issues. They want lower costs and efficient labor sources and want to sell their goods and...more
11/2/2021
/ Audits ,
Buy American Act ,
China ,
Exports ,
Federal Trade Commission (FTC) ,
Global Market ,
Imports ,
Joe Biden ,
Sanctions ,
Section 301 ,
Securities and Exchange Commission (SEC) ,
Supply Chain ,
Tariffs ,
Trade Relations ,
Trump Administration ,
U.S. Commerce Department ,
U.S. Treasury ,
US Trade Policies
1. Expanded Export Controls on Certain Biological Equipment Software Are Coming-
As part of the Bureau of Industry and Security’s emerging and foundational technology control effort, new export controls are forthcoming...more
10/5/2021
/ Artificial Intelligence ,
Biological-Weapons ,
Bureau of Industry and Security (BIS) ,
CBSA ,
China ,
Ethiopia ,
Export Controls ,
Joe Biden ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Russia ,
Sanction Violations ,
Sanctions ,
Software ,
U.S. Commerce Department
1. Electronics Company Hit With $6.6 Million Penalty for Unauthorized Software Exports-
Keysight Technologies Inc., a California electronics company, has settled with the Department of State, agreeing to pay a $6.6...more
9/9/2021
/ Arms Export Control Act ,
Belarus ,
China ,
Data Security ,
Directorate of Defense Trade Controls (DDTC) ,
Labeling ,
Made in the USA ,
Office of Foreign Assets Control (OFAC) ,
Sanctions ,
SDN List ,
United States-Mexico-Canada Agreement (USMCA) ,
US Department of State
How companies should navigate today’s shifting global trade landscape and remain in compliance amid increasing government scrutiny.
What it means for your strategic business planning.
We all know global trade policy...more
8/24/2021
/ Airbus ,
Boeing ,
Buy American Act ,
China ,
Court of International Trade ,
Cross-Border ,
Department of Justice (DOJ) ,
Exports ,
Forced Labor ,
Foreign Investment ,
Imports ,
Joe Biden ,
National Security ,
OECD ,
Supply Chain ,
Technology Sector ,
Trade Policy ,
WTO