Baker McKenzie’s Sanctions Blog published the alert titled “EU, UK, US and Canada announce upcoming restrictions related to SWIFT and the Russian Central Bank” on 27 February 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
On 23 February 2022, the EU Commission published its proposal for a directive on corporate sustainability due diligence obligations, which aims to foster sustainable and responsible corporate behaviour throughout global value chains.
The UK’s Plastic Packaging Tax is due to take effect from 1 April 2022 and will be payable by manufacturers and importers of plastic packaging containing less than 30% recycled plastic content at a rate of £200 per metric tonne where certain thresholds are met.
On 17 November 2021 the EU published a draft Regulation seeking to introduce new due diligence requirements aimed at tackling deforestation and forest degradation.
On 14 October 2021, the Office of Financial Sanctions Implementation (“OFSI“) published its Annual Review, providing an overview of OFSI’s activities in the financial year April 2020 to March 2021. In 2020-2021, OFSI considered 132 reports of potential financial sanctions breaches, a slight decrease from 140 in 2019-2020. However, the number of cases considered generally remains on an upwards trajectory from the 99 potential financial sanctions breaches considered in 2018 to 2019.
Baker McKenzie are pleased to invite you to their Global Year-End Review of Import/Export/Trade Compliance Developments on 16, 17, and 18 November. International trade compliance lawyers will discuss and examine major global legislative, judicial and administrative activities and trends in export controls, trade sanctions, customs compliance, and import requirements.
On 6 September 2021, the Office of Financial Sanctions Implementation (“OFSI“) published its 2021 frozen asset reporting notice. The notice is a reminder that all persons that hold or control funds or economic resources belonging to, owned, held, or controlled by a designated person must provide a report to OFSI with the details of these assets by 15 October 2021. This is part of HM Treasury’s annual review of frozen assets to update its records and to capture any changes during the reporting period.
On 15 September, during the 2021 State of the Union Address, EU Commission President Ursula von der Leyen announced the European Commission’s intention to introduce a ban on the import of products made with forced labour into the EU market. In her Address, the Commission President noted that there are “25 million people…who are threatened or coerced into forced labour” and that “doing business around the world…can never be done at the expense of people’s dignity and freedom”.
On 14 July 2021, the European Commission adopted a proposal for a new Carbon Border Adjustment Mechanism, which will require importers to report the embedded emissions in certain carbon-intensive products and buy certificates to account for these emissions.
On 12 July the European Commission and the European External Actions Service (EEAS) published guidance on “due diligence for EU businesses to address the risk of forced labour in their operations and supply chains”. The non-binding guidance seeks to provide European companies with practical advice on the implementation of effective human rights due diligence practices to address forced labour risks in their supply chains.