The President also signed an Executive Order that will eliminate duty-free de minimis treatment and create a new duty collection process for low-value postal shipments from China and Hong Kong.
On April 2, 2025, President...more
4/7/2025
/ Canada ,
China ,
Executive Orders ,
Foreign Trade Regulations ,
Hong Kong ,
Imports ,
International Emergency Economic Powers Act (IEEPA) ,
International Trade ,
Mexico ,
Popular ,
Tariffs ,
Trump Administration ,
United States-Mexico-Canada Agreement (USMCA) ,
US Trade Policies ,
Value-Added Tax (VAT)
The President has issued three executive orders that impose universal tariffs on Mexico, Canada, and China, deploying IEEPA in a sweeping manner to address the President’s declaration of a national emergency regarding illegal...more
2/4/2025
/ Canada ,
China ,
Customs and Border Protection ,
Economic Sanctions ,
Executive Orders ,
Foreign Policy ,
Imports ,
International Emergency Economic Powers Act (IEEPA) ,
International Trade ,
Mexico ,
National Security ,
Tariffs ,
Trade Relations ,
Trade Retaliation
On January 23, 2025, the U.S. Supreme Court granted the government’s motion to lift the nationwide injunction against enforcement of the Corporate Transparency Act (CTA) in Texas Top Cop Shop v. McHenry (formerly, Texas Top...more
1/29/2025
/ Administrative Procedure Act ,
Appeals ,
Beneficial Owner ,
Compliance ,
Constitutional Challenges ,
Corporate Transparency Act ,
FinCEN ,
Injunctive Relief ,
Preliminary Injunctions ,
Reporting Requirements ,
SCOTUS ,
Stays
The President’s memorandum does not implement tariffs or other immediate relief, but previews the statutory authorities that will guide future trade action.
On January 20, 2025, President Trump issued a memorandum...more
1/24/2025
/ Anti-Dumping Duty ,
China ,
Competition ,
Countervailing Duties ,
International Emergency Economic Powers Act (IEEPA) ,
International Trade ,
National Security ,
Section 301 ,
Supply Chain ,
Tariffs ,
Trade Deficit ,
Trade Relations ,
Trump Administration ,
United States-Mexico-Canada Agreement (USMCA)
On December 26, 2024, a three-judge “merits panel” for the U.S. Court of Appeals for the Fifth Circuit vacated the December 23, 2024, order issued by a separate three-judge “motions panel,” which had granted the government’s...more
On December 23, 2024, the Office of the United States Trade Representative (USTR) initiated an investigation under Section 301 of the Trade Act of 1974, as amended (Section 301), into Chinese “acts, policies, and practices...more
On December 23, 2024, the United States Court of Appeals for the Fifth Circuit granted the U.S. government’s motion for a stay of a preliminary (nationwide) injunction of the Corporate Transparency Act (“CTA”) pending appeal....more
On December 3, 2024, the United States District Court for the Eastern District of Texas entered a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (“CTA”) and its implementing...more
12/9/2024
/ Corporate Transparency Act ,
Department of Justice (DOJ) ,
Enforcement ,
Financial Crimes ,
FinCEN ,
First Amendment ,
Fourth Amendment ,
Preliminary Injunctions ,
Reporting Requirements ,
Texas ,
Unconstitutional Condition
On August 29, 2024, the Financial Crimes Enforcement Network (“FinCEN”) issued a final rule under the Bank Secrecy Act (“BSA”) requiring certain persons involved in real estate closings and settlements to report and maintain...more
9/12/2024
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Beneficial Owner ,
Exemptions ,
Final Rules ,
FinCEN ,
Noncompliance ,
Penalties ,
Popular ,
Proposed Rules ,
Real Estate Transfers ,
Recordkeeping Requirements ,
Settlement
On September 4, 2024, the Financial Crimes Enforcement Network (“FinCEN”), U.S. Department of Treasury, published a final rule (the “Final Rule”) expanding the definition of “financial institution” under the Bank Secrecy Act...more
9/10/2024
/ AML/CFT ,
Anti-Money Laundering ,
Anti-Terrorism Financing ,
Asset Management ,
Bank Secrecy Act ,
Compliance ,
Currency Transaction Reports (CTR) ,
Customer Identification Program (CIP) ,
Exempt Reporting Advisers (ERAs) ,
Final Rules ,
FinCEN ,
Investment Adviser ,
Popular ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs)
Since January 1, 2024, when the Corporate Transparency Act’s (“CTA”) beneficial ownership reporting requirements became effective, a key issue has been whether companies that meet the requirements of a “reporting company” are...more
The SEC and FinCEN Request Comments on their Proposed Rule on Customer Identification Programs for Registered Investment Advisers and Exempt Reporting Advisers -
The Securities and Exchange Commission (“SEC”) and the...more
5/24/2024
/ AML/CFT ,
Bank Secrecy Act ,
Customer Due Diligence (CDD) ,
Customer Identification Program (CIP) ,
Exempt Reporting Advisers (ERAs) ,
Financial Institutions ,
FinCEN ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Notice of Proposed Rulemaking (NOPR) ,
Popular ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC)
On March 1, 2024, a federal judge in the U.S. District Court for the Northern District of Alabama ruled that the Corporate Transparency Act (“CTA”) is unconstitutional. The CTA and its implementing regulations require that...more
3/13/2024
/ Alabama ,
Beneficial Owner ,
Civil Monetary Penalty ,
Corporate Transparency Act ,
Criminal Penalties ,
Deadlines ,
FinCEN ,
Fraud ,
Noncompliance ,
Penalties ,
Popular ,
Reporting Requirements ,
Transparency ,
Unconstitutional Condition
On February 7, 2024, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a proposed rule that would extend reporting and recordkeeping requirements to persons involved in real estate...more
The Proposed Rule Would Subject Certain Investment Advisers to a Broad Range of AML/CFT Obligations and Represents a Significant Development for the Sector -
Regulators have long considered the lack of anti-money...more
2/27/2024
/ AML/CFT ,
Bank Secrecy Act ,
Broker-Dealer ,
BSA/AML ,
Compliance ,
Currency Transaction Reports (CTR) ,
Customer Due Diligence (CDD) ,
Exempt Reporting Advisers (ERAs) ,
FinCEN ,
Internal Revenue Code (IRC) ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Law Enforcement ,
Patriot Act ,
Policies and Procedures ,
Proposed Rules ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs) ,
Third-Party Service Provider
Revised guidance takes effect on October 22, 2023 and will be supplemented by forthcoming memorandum -
On August 23, the Office of Management and Budget (“OMB”) published final Guidance for Grants and Agreements to...more
Applications For Leading Edge Commercial Fabrication Facilities And For Current-Generation Facilities Accepted Beginning March 31, 2023 And June 26, 2023, Respectively -
On August 9, 2022, President Joseph R. Biden signed...more
Implementation of Beneficial Ownership Reporting Obligations; Expanded CDD Rule Forthcoming On September 29, 2022, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a final rule...more
10/13/2022
/ Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Customer Due Diligence (CDD) ,
Final Rules ,
FinCEN ,
Limited Liability Company (LLC) ,
National Security ,
NDAA ,
Notice of Proposed Rulemaking (NOPR) ,
Ownership Interest ,
Reporting Requirements
Legislation Introduced In The Context Of Significant Federal Attention To Vulnerable Supply Chains, Including Critical Minerals And Materials -
On January 14, 2022, Senators Tom Cotton (R-AR) and Mark Kelly (D-AZ)...more
1/26/2022
/ Arms Export Control Act ,
China ,
Department of Defense (DOD) ,
Department of the Interior ,
Imports ,
NDAA ,
Proposed Legislation ,
Rare Earth Metals ,
Supply Chain ,
Trade Act of 1974 ,
USTR
Creates A New Forced Labor “Presumption” That Would Prohibit Certain Imports From Entry Into The United States, Among Other Measures, To Address Forced Labor In China -
On December 23, 2021, President Biden signed into law...more
1/14/2022
/ China ,
Clean Energy ,
Customs and Border Protection ,
Economic Sanctions ,
Forced Labor ,
Human Rights ,
Imports ,
Semiconductors ,
Supply Chain ,
Trade Facilitation and Trade Enforcement Act ,
Unruh Civil Rights Act ,
Uyghur Forced Labor Prevention Act (UFLPA) ,
Withhold Release Orders (WROs)
The United States Department of the Treasury (“Treasury”) is taking further action to combat corruption, money laundering, terrorist financing, tax fraud, and other illicit activities.
Following its Advance Notice of...more
Guidance Demonstrates OFAC’s Expectations for Sanctions Compliance by Cryptocurrency Industry -
On October 15, 2021, the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of the Treasury published Sanctions...more
10/26/2021
/ Audits ,
Cryptocurrency ,
Cybersecurity ,
FinCEN ,
Internal Controls ,
Money Laundering ,
New Guidance ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Ransomware ,
Risk Assessment ,
Sanctions ,
Testing Requirements ,
Training ,
U.S. Treasury ,
Virtual Currency
Agencies Request Information From Public to Support U.S. Supply Chains -
The Department of Commerce’s Bureau of Industry and Security (“BIS”) and the Department of Transportation (“DoT”) are requesting information and...more
FinCEN announces eight areas of focus and advises preparation for issuance of new regulations -
On June 30, 2021, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued the first...more
7/8/2021
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Beneficial Owner ,
Corporate Transparency Act ,
Corruption ,
Cyber Crimes ,
Cybersecurity ,
Drug Trafficking ,
Financial Institutions ,
FinCEN ,
Fraud ,
Human Trafficking ,
New Regulations ,
Popular ,
Reporting Requirements ,
Significant Transnational Criminal Organization ,
Terrorism Funding ,
Virtual Currency ,
Whistleblowers
Industry-Specific Primer – Semiconductor Manufacturing And Advanced Packaging -
On June 8, 2021, the Biden Administration issued the reports mandated by the Executive Order on America’s Supply Chains (the “America’s Supply...more
6/14/2021
/ Biden Administration ,
Buy American Act ,
CFIUS ,
Coronavirus/COVID-19 ,
Defense Production Act ,
Department of Defense (DOD) ,
Executive Orders ,
Export Controls ,
Export-Import Bank of the US ,
Federal Acquisition Regulations (FAR) ,
National Security ,
NDAA ,
NIST ,
Popular ,
Research and Development ,
Semiconductors ,
Supply Chain ,
Supply Shortages ,
Trade Expansion Act of 1962 ,
U.S. Commerce Department