On 17 October 2022, OFSI and OFAC issued a joint statement to reiterate the close working relationship between the two agencies, explaining the rationale behind increased OFSI-OFAC co-operation and how this will manifest in practice. The statement follows a technical exchange attended by OFAC and OFSI in London, which concluded on 13 October 2022.
On September 30, 2022, the US Department of the Treasuryâs Office of Foreign Assets Control published âSanctions Compliance Guidance for Instant Payment Systemsâ. The guidance underscores the importance of a risk-based approach to managing sanctions risks related to payment technologies such as instant payment systems.
Baker McKenzieâs 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 9 September 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Baker McKenzieâs 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.
Baker McKenzieâs Sanctions Blog published the alert titled G7 to implement price cap on Russian-origin crude oil and petroleum products on 2 September 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Welcome to our Virtual Global Trade Conference, a virtual offering for all our clients and friends worldwide. Baker McKenzie’s international trade compliance lawyers from around the world discussed the major developments impacting international trade, in 75 minutes sessions which took place from 20 to 21 July 2022.
Baker McKenzieâs Sanctions Blog published the alert titled House NDAA would ban federal contracts with businesses operating in Russia on 20 July 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
On 23 June 2022, the US Department of Health and Human Services Office on Trafficking in Persons issued a request for information on forced labor, a form of human trafficking, in healthcare supply chains. This request for information is part of the officeâs ongoing efforts to seek public comments to inform implementation of Executive Order 14001 âA Sustainable Public Health Supply Chainâ, the National Strategy for a Resilient Public Health Supply Chain, and other related efforts on forced labor.
TMT companies are often the first to develop innovative solutions and to face increasingly sophisticated regulation of key technologies they develop. As such, they have a unique opportunity to shape many areas including data strategies aligned to I&D, the future of remote work, and due diligence requirements for supply chains. A focus on data ethics underscores companies’ management of tangled data regulations and obligations as stewards of data. Additionally, TMT companies will also continue to develop and support innovative technologies to access and store renewable energy.
Baker McKenzieâs Sanctions Blog published the alert titled US Government Sanctions More than 100 Russia-Related Parties and Prohibits the Import of Russian Gold in Coordination with G7 Allies on 1 July 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.