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In Asia-Pacific

United States: OFAC and BIS Sanction Chinese Tech Firms for Alleged Involvement in Human Right Abuses

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On December 16, 2021, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) designated eight Chinese tech companies to the Non-SDN Chinese Military-Industrial Complex Companies (“NS-CMIC”) list pursuant to Executive Order 13959, as amended by Executive Order 14032, for their alleged involvement in supporting surveillance of ethnic and religious minorities in Xinjiang, China. On the next day, the US Commerce Department’s Bureau of Industry and Security (“BIS”) also added 37 new parties to the BIS Entity List, including 25 Chinese companies for their alleged involvement in efforts to develop and use biotechnology and other technologies for military application and human rights abuses. These sanctions are part of an increase in US Government efforts to prevent alleged human rights abuses.

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In AML & Financial Services Regulatory

Hong Kong: Police ‘informal freeze’ of bank accounts held invalid – Implications for financial institutions and businesses

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Cyber fraud remains a significant risk to businesses and individuals. In the 11 months to November 2021, over 500 phishing scams, worth more than HKD 1.4 billion in losses, were reported to the Hong Kong Police. The Police have been developing and will soon launch a free software to assist businesses in identifying phishing scams.

In Asia-Pacific

Thailand: Innocent but charged BUT CHARGED: Criminal liabilities and exposure – Everything directors need to know

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Although criminal liabilities are of key concern and often seen as frightening risks for many businesses in Thailand, especially for foreign directors or executives, business operators may find themselves currently unequipped or that some businesses are more susceptible to criminal liabilities than others.

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In Asia-Pacific

Indonesia: Government simplifies the regulations on goods prohibited for export and import

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“In the spirit” of simplifying Indonesian regulatory frameworks, the Minister of Trade (MOT) recently issued MOT Regulation No. 18 of 2021 on Goods Prohibited from Being Imported and Exported to further implement Government Regulation No. 29 of 2021 on the Organization of the Trade Sector.

In Asia-Pacific

Singapore: UNESCO members adopt a global agreement on the ethics of artificial intelligence

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On 25 November 2021, the United Nations announced that all 193 member states of the United Nations Educational, Scientific and Cultural Organization, including Singapore, adopted a first-of-its-kind global agreement on the ethics of artificial intelligence. The agreement focuses on the broader ethical implications of AI systems in relation to education, science, culture, communication and information; and articulates common values and principles to assist in the creation of legal infrastructure for the healthy development of AI.

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