On 17 July 2023, the US Securities and Exchange Commission (SEC) urged Chinese companies to disclose certain business links they may have to Uyghurs and other Muslim minorities. The companies may face compliance risk and supply chain disruptions if they operate in the Xinjiang region of China or do business with companies that operate in the area known for its Uyghur population, the SEC said in new guidance. The Uyghur Forced Labor Prevention Act, which President Biden signed into law in 2021, blocks imports from the region unless a company can prove the products were made without forced labor.
View the recorded sessions from our 2023 Virtual Global Trade Conference where international trade compliance lawyers from around the world reviewed major developments impacting international trade.
Welcome to the 2023 edition of Baker McKenzie’s Doing Business in Canada, a practical guide to the business and investment legal framework and developments in Canada. We hope that you find this guide a useful and practical resource.
Baker McKenzie’s Sanctions Blog published the alert titled Blog Series: Sanctions Enforcement Around the World – Five Eyes Partners agree to coordinate enforcement on export controls on 11 July 2023. 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 and OFSI Issue Joint Humanitarian Assistance and Food Security Fact Sheet Relating to Russia on 11 July 2023. 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 Poland introduces compulsory administration over designated persons’ assets, and is looking for buyers on 11 July 2023. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
On 10 July 2023, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) reissued General License 40B, “Authorizing Certain Transactions Involving the Exportation or Reexportation of Liquefied Petroleum Gas to Venezuela.” On the same day, OFAC made public regulations to implement Executive Order 14078, “Bolstering Efforts to Bring Hostages and Wrongfully Detained United States Nationals Home.”
Baker McKenzie’s Sanctions Blog published the alert titled Scope of UK Russia sanctions extended to restrict the provision of certain legal services on 7 July 2023. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.
On 27 June 2023, the US Departments of State, the Treasury, Labor, Commerce, and Homeland Security, and the United States Agency for International Development issued a joint advisory — the Africa Gold Advisory — that (i) highlights the opportunities and specific risks raised by the gold trade across sub-Saharan Africa and (ii) encourages industry participants to adopt and apply strengthened due diligence practices to guard against such risks.
Baker McKenzie’s Sanctions Blog published the alert titled UK Office of Financial Sanctions Implementation updates oil price cap guidance and issues derivatives general licence on 6 July 2023. Read the article via the link here. Please also visit our Sanctions Blog for the most recent updates.