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.
The future of the healthcare and life sciences supply chain is digital. New technologies are redefining the delivery of healthcare, improving clinical data flows, tracking medical supply inventory and enhancing overall patient care. In this one-hour webinar, our panel of experts will look at the business issues, practical applications and legal considerations when digitizing the supply chain, covering topics such as:- The blockchain potential, Artificial intelligence and trade secrets, The cybersecurity challenges of digital transformation
On September 17, 2021, President Biden signed Executive Order 14046, “Imposing Sanctions on Certain Persons With Respect to the Humanitarian and Human Rights Crisis in Ethiopia” aimed at addressing the widespread humanitarian conflict in northern Ethiopia. Both the White House and Secretary of State Antony J. Blinken also released statements calling for ceasefire negotiations to begin to find a political solution to the ongoing conflict in the region and a sanctions scheme to target individuals and groups responsible for violence, unrest, human rights abuses and the obstruction of humanitarian efforts.
Following this year’s Baker McKenzie Annual Compliance Conference, we are pleased to invite you to our Wrap Up Session on November 3 at 3.00 – 4.30 GMT. The session aims to bring together the key learnings, take-aways and recommendations from the conference. Representatives will attend from the five key compliance areas covered in the conference: antibribery and corruption, antitrust compliance, customs, supply chain, ESG compliance, export controls and sanctions.
Baker McKenzie are pleased to invite you to their Global Year-End Review of Import/Export/Trade Compliance Developments on 16, 17, and 18 November. International trade compliance lawyers will discuss and examine major global legislative, judicial and administrative activities and trends in export controls, trade sanctions, customs compliance, and import requirements.
On 15 October 2021, the Dutch Minister of Foreign Affairs announced that the Dutch government has revised its licensing policy for exports of military-related items to Turkey. This policy covers both military items within the meaning of the EU Common Military List and dual-use items in case of a military end-use. The changes were announced in a letter to Dutch Parliament.
On 21 September 2021, the US Treasury Department’s Office of Foreign Assets Control issued an updated ransomware advisory highlighting the sanctions risks associated with ransomware payments in connection with malicious cyber-enabled activities and the proactive steps companies can take to mitigate such risks, including actions that OFAC would consider to be “mitigating factors” in any related enforcement action. OFAC concurrently designated SUEX OTC, SRO as a Specially Designated National, the first designated virtual currency exchange.
On 8 October 2021, the Office of the United States Trade Representative issued a notice and request for public comments on the potential reinstatement of certain exclusions of tariffs on Chinese imports imposed under USTR’s Section 301 investigation. USTR will examine 549 previously granted exclusions, many of which expired since 31 December 2020, for possible reinstatement.
On 19 August 2021, the Federal Communications Commission published a notice of proposed rulemaking discussing potential changes it is considering making to its equipment authorization and competitive bidding programs to restrict the use of telecommunications and video surveillance equipment and services produced or provided by five Chinese companies.
On 24 September 2021, the Commerce Department’s Bureau of Industry published a “Notice of Request for Public Comments on Risks in the Semiconductor Supply Chain.” The Notice seeks responses from various parties in the semiconductor supply chain about current shortages and related issues. Comments in response to the Notice are due by 8 November 2021.