Baker McKenzie’s Sanctions Blog published the alert titled US Government Designates Russian Proxy Wagner Group as a Significant Transnational Criminal Organization; Sanctions Wagner Group Affiliates, Oligarch Affiliates, and Military Industrial Complex Firms on 31 January 2023. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
On 5 January 2023, President Biden signed the Protecting American Intellectual Property Act into law. This law seeks to deter the theft of US intellectual property by non-US actors by threatening to impose economic sanctions on those engaged in trade secrets theft. This law adds to existing measures available under US law, such as criminal prosecution, civil lawsuits, and/or designation to a US restricted parties list such as the Entity List (maintained by the US Commerce Department’s Bureau of Industry and Security).
Baker McKenzie’s Sanctions Blog published the alert titled OFAC Publishes Preliminary Guidance on Implementing the Price Cap Policy for Petroleum Products of Russian Origin on 6 January 2023. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
This virtual seminar series provides insights on how the regulatory landscape is changing and discuss the future of crypto within the financial services sector. Recordings of the following sessions are now available — The Crypto Ecosystem; Integrating Crypto into Established Financial Services (Part 1: Funds and Listings and Part 2: Practical Considerations); Crypto Risk: Significant Legal and Regulatory Risks; A Deep Dive into NFTs; and DeFi (Decentralized Finance).
Baker McKenzie’s Sanctions Blog published the alert titled OFAC extends and reissues General License authorizing certain transactions involving the Central Bank of Russia, the National Wealth Fund of the Russian Federation, or the Ministry of Finance of the Russian Federation on 22 November 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Welcome to our Virtual Year-End Review of Import/Export and Trade Compliance Developments Conference resource center. Baker McKenzie’s international trade compliance lawyers from around the world discussed the major global legislative, judicial and administrative activities and trends in export controls, trade sanctions, customs compliance, and import requirements in nine 75 minute sessions which took place from 15 to 17 November 2022.
On 28 October 2022, the US Commerce Department’s Bureau of Industry and Security issued a first round of FAQs regarding the advanced computing and semiconductor manufacturing Interim Final Rule, published on 13 October 2022 (87 Fed. Reg. 62,186) and amending the Export Administration Regulations. The FAQs clarify that that the new restrictions on exports and reexports to China also apply to Hong Kong.
Baker McKenzie’s Sanctions Blog published the alert titled OFAC, BIS, and Department of State Issue Alert on the Impact of Sanctions and Export Controls Targeting Russia on 17 October 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
The speed and volume of change in the crypto asset markets has accelerated across the globe, with established financial institutions increasingly entering the sector whilst regulators look to keep pace. Recent high-profile developments and market volatility have led to growing calls for scrutiny and regulatory controls. Navigating this fast paced environment, within a sometimes disjointed regulatory framework, can be challenging. The Crypto Boot Camp 2022 Series covers the crypto ecosystem and integrating crypto into established financial systems (recordings available), crypto risk (3 November 2022), NFTs (15 November 2022), DeFi (1 December 2022), and Growth in Crypto (6 December 2022).
On September 30, 2022, the US Department of the Treasury’s Office of Foreign Assets Control published “Sanctions Compliance Guidance for Instant Payment Systems”. The guidance underscores the importance of a risk-based approach to managing sanctions risks related to payment technologies such as instant payment systems.