The US Department of the Treasury’s Office of Foreign Assets Control, the US Department of State, the US Department of Commerce, and the US Department of Energy issued rules adjusting maximum civil monetary penalties under the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.
On 16 December 2022, the US Department of State’s Directorate of Defense Trade Controls issued a proposed rule that would treat two additional types of transactions as activities that are not exports, reexports, retransfers, or temporary imports (“controlled events”) (and, thus, not require authorization) under the International Traffic in Arms Regulations.
On 5 December 2022, the US Department of State’s Directorate of Defense Trade Controls (DDTC) issued the International Traffic in Arms Regulations (ITAR) Compliance Program Guidelines. The ITAR Guidelines set out DDTC’s expectations for an effective ITAR Compliance Program and an introduction to controls contained in the Arms Export Control Act and ITAR.
Baker McKenzie’s Sanctions Blog published the alert titled OFAC Issues Russian Crude Oil-related Determination, Guidance on Implementation of the Price Cap Policy for Russian Crude Oil, and Russia-related General Licenses on 2 December 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 7 October 2022, the US Commerce Department’s Bureau of Industry and Security issued the much anticipated rules aimed at restricting China’s ability to obtain advanced computing chips, develop and maintain supercomputers, and manufacture advanced semiconductors. In addition to formalizing the licensing requirements included in the recent BIS “is informed” letters issued to certain US companies on related matters, the Rule imposes a wide range of new and enhanced restrictions targeting China’s advanced computing and semiconductor sectors.
On 23 September 2022, the US Department of the Treasury’s Office of Foreign Assets Controls (OFAC) issued Iran General License D-2 (GL D-2), which amends and replaces the former Iran General License D-1 (GL D-1), and published three related Frequently Asked Questions (FAQs). GL D-2 authorizes a more expansive set of internet communication-related activities, including cloud-based software and services, that are otherwise prohibited under the Iranian Transactions and Sanctions Regulations. According to the accompanying press release, GL D-2 aims to support internet freedom in Iran by updating US sanctions guidance in light of changes in communications technology since the issuance of GL D-1 in 2014 and to respond to the Iranian government’s efforts to suppress internet access following recent anti-government movement in Iran.
Baker McKenzie’s Sanctions Blog published the alert titled OFAC Issues Preliminary Guidance on the Implementation of a Maritime Services Policy Ban and Related Price Exception for Seaborne Russian Oil on 20 September 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Baker McKenzie’s Sanctions Blog published the alert titled BIS issues new FAQs addressing red flags related to Russia/Belarus and semiconductor foundries’ potential entity list dealings on 1 September 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
The Annual Compliance Conference begins next week and attracts over 6,000 in-house senior legal and compliance professionals from across the world. This leading compliance conference will be held across five weeks from 6 September – 6 October 2022. We will be virtually delivering our cutting-edge insights and guidance on key global compliance, investigations and ethics issues. Our global experts will provide practical insights and analysis on significant developments:
• anti-bribery
• corruption and economic crime
• customs and FTAs
• ESG, supply chain and product compliance
• antitrust and competition
• export controls, sanctions and foreign investment
Click here to view the full agenda and register your interest in joining us virtually at this must attend global compliance conference for senior in-house legal and compliance professionals.