Welcome to the June edition of this publication that includes a variety of legal and market focused articles on current topics of interest in the world of trade finance.
In this issue, we feature:
• Trade finance and the efforts to boost intra-African trade
• Developments in the digitization of trade in Singapore
• Lombard North Central Plc v European Skyjets Ltd
• Baker McKenzie partners with the LMA
• Sanctions & Export Control Update
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– 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 https://www.bakermckenzie.com/en/insight/events/2022/10/annual-compliance-conference to register your interest in joining us virtually at this must attend global compliance conference for senior in-house legal and compliance professionals.
Baker McKenzie’s Sanctions Blog published the alert titled Ukraine: the law on canceling marketing authorizations due to ties with Russian/Belarusian pharmaceutical manufacturing became effective on 20 June 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 Japan introduces further sanctions against Russia and Belarus on 20 June 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
Until recently, there was no clear deadline for the registration obligation imposed on offshore or foreign private electronic system operators (ESOs) under Minister of Communication and Informatics (MOCI) Regulation No. 5 of 2020 on Private Electronic System Operators, as lastly amended by MOCI Regulation No. 10 of 2021 (“MOCI Regulation 5”).
When MOCI Regulation 5 was first enacted, there was a six-month transitional period for private ESOs to conduct ESO Registration after the regulation became effective on 24 November 2020. However, in practice, the Indonesian Online Single Submission (OSS) system was not yet able to accommodate registration applications by offshore private ESOs. As a result, the timeline for ESO Registration was further extended to become six months after the OSS system became effective.
On 22 June 2022, the MOCI held a press conference to announce that the six-month period was counted from 21 January 2022 (deemed as the date on which the OSS system became effective), and that therefore the deadline for ESO Registration would be 20 July 2022.
Baker McKenzie’s Sanctions Blog published the alert titled Switzerland decides to adopt the EU’s sixth package of sanctions against Russia and Belarus on 13 June 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 OFAC Issues New FAQs on Export Ban on Certain Services on 14 June 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
On 16 May 2022, the Biden administration announced the relaxing of certain limited Cuban sanctions and other regulatory changes to expand communication, travel, and commerce between the United States and Cuba. Following this, on 9 June 2022, the Department of the Treasury’s Office of Foreign Assets Control amended the Cuban Assets Control Regulations to implement some of the elements of the President’s foreign policy to increase support for the Cuban people.
Baker McKenzie’s Sanctions Blog published the alert titled Ukraine imposes a new set of sanctions on 6 June 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 EU adopts sixth package of sanctions against Russia/Belarus on 7 June 2022. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.