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In Anti-Corruption

Africa: African Growth and Opportunity Act eligibility requirements under review in three African countries

by 4 Mins Read

In November, the United States announced that Ethiopia, Guinea and Mali would be terminated from the African Growth and Opportunity Act (“AGOA”) trade preference program, unless they took urgent action to meet eligibility criteria by 1 January 2022. AGOA eligibility requirements include, among other things, that countries must follow the rule of law and implement economic policies that reduce poverty and combat corruption and bribery. Countries must also protect internationally recognized human and worker rights, and must not engage in activities that undermine national security interests.

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In Europe

United Kingdom: Update on the UK Trade Remedies Regime

by , and 2 Mins Read

As part of its post-Brexit trade policy, the UK has established its own independent trade remedies regime. Through its newly-formed Trade Remedies Authority, the UK can now investigate claims of unfair import practices from UK businesses and determine whether the UK Government should introduce trade remedy measures – including anti-dumping duties, countervailing duties and safeguard measures – onto imports into the UK.

In AML/Money Laundering

OFAC Publishes Sanctions Compliance Guidance for the Virtual Currency Industry and Updates its Frequently Asked Questions

by , and 4 Mins Read

On October 15, 2021, the US Treasury Department’s Office of Foreign Assets Control published sanctions compliance guidance for the virtual currency industry (the “Guidance”), given that “the growing prevalence of virtual currency … brings greater exposure to sanctions risk.” This Guidance follows (1) the recent and first-ever designation of a virtual currency exchange by the OFAC (see our recent post on this here), and (2) the launch of the National Cryptocurrency Enforcement Team to tackle criminal misuses of cryptocurrency (see a description of this new team on our Blockchain blog, available here).

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In North America

United States: Commerce Department Issues Proposed Rule to Clarify and Further Restrict License Exception STA

by and 3 Mins Read

On October 22, 2021, the Commerce Department’s Bureau of Industry and Security (“BIS”) published a Proposed Rule to outline potential changes it is considering making to the Export Administration Regulations in an effort to clarify and expand the restrictions on the availability of License Exception Strategic Trade Authorization for the export, reexport, and in-country transfer of certain items. BIS is seeking public comments on these proposed changes by December 6, 2021.

In ESG

United States: State Department Codifies Policy of Denial for Ethiopia and Eritrea

by and 2 Mins Read

On November 1, 2021, the US Department of State’s Directorate of Defense Trade Controls issued a final rule amending entries for Ethiopia and Eritrea in the International Traffic in Arms Regulations. These changes supplement the sanctions imposed on both countries under Executive Order 14046, “Imposing Sanctions on Certain Persons With Respect to the Humanitarian and Human Rights Crisis in Ethiopia,” which was signed by President Biden in September 2021.

In Cybersecurity, Data and Tech

United States: House Approves Supply Chain and Network Security Legislation – Part 2

by 5 Mins Read

On October 20, the House of Representatives passed five bills with overwhelming bipartisan support that aim to promote supply chain and network security. This post will focus on two bills directed towards the Federal Communications Commission. While these legislative measures are directed towards a U.S. government entity, and thus may not (on their face) appear applicable to corporate supply chains, if enacted, these bills could result in changes to laws, regulations, and policies down the line that impact compliance measures for companies.

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In Anti-Corruption

Global: Virtual | Global Year-End Review of Import/Export/Trade Compliance Developments

by , and 5 Mins Read

In keeping with tradition, we are pleased to invite you to our annual Global Year-End Review of Import/Export/Trade Compliance Developments. In lieu of our annual conference in Santa Clara, CA, we are excited to again provide a virtual offering available to all our clients and friends worldwide! The conference will be comprised of 75 minutes sessions over the course of three days. Please join us on November 16, 17 and 18 for any or all sessions.

In Cybersecurity, Data and Tech

United States: House Approves Supply Chain and Network Security Legislation – Part 1

by 6 Mins Read

On October 20, the House of Representatives passed five bills with overwhelming bipartisan support that aim to promote supply chain and network security. This post will focus on one bill directed to the Department of Homeland Security (“DHS”), and two bills directed to the Department of Commerce (“DOC”). While these legislative measures are directed towards U.S. government entities, and thus may not (on their face) appear applicable to corporate supply chains, if enacted, these bills could result in changes to laws, regulations, and policies down the line that impact compliance measures for companies.

In AML & Financial Services Regulatory

Canada: OFSI publishes Annual Review 2020-2021

by and 2 Mins Read

On 14 October 2021, the Office of Financial Sanctions Implementation (“OFSI“) published its Annual Review, providing an overview of OFSI’s activities in the financial year April 2020 to March 2021. In 2020-2021, OFSI considered 132 reports of potential financial sanctions breaches, a slight decrease from 140 in 2019-2020. However, the number of cases considered generally remains on an upwards trajectory from the 99 potential financial sanctions breaches considered in 2018 to 2019.

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