India Joins the Wassenaar Arrangement, and Other Trade Policy Updates from New Delhi

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December 2017 brought major updates to India’s trade policy, with the country’s accession to the Wassenaar Arrangement on Export Controls for Conventional Arms and Dual-Use Goods and Technologies (Wassenaar Arrangement or WA) and the government’s release of a ‘Mid-term Review of Foreign Trade Policy (FTP) in December 2017’ (‘the Review’). These changes have broad implications for exporters operating in India and deserve careful attention across compliance functions, from export controls to tax.

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Posted on 23/01/2018

Global Export Controls and Sanctions Team Recognised in 2017 Deloitte Impact Report

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Our Global Export Controls and Sanctions team at Deloitte aligns all of its efforts around providing trusted services to our clients and partners while also making the world a safer place.

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Posted on 03/12/2017

New Sanctions and Anti-Money Laundering Bill Introduced

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The Sanctions and Anti-Money Laundering Bill (the Bill) introduced to the House of Lords on Wednesday 18th October 2017 paves the way for the United Kingdom’s sanctions and anti-money laundering (AML) framework ahead of Brexit. The Bill’s intention is to ensure that when the United Kingdom (UK) leaves the European Union (EU), the UK can continue to impose, lift, amend, and update sanctions and AML regimes: these include financial sanctions, arms embargoes and trade control restrictions, international travel bans, and money laundering regulations.

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Posted on 26/11/2017

EU sanctions against Venezuela

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On November 13, 2017 the European Union imposed a military embargo as well as additional restrictive measures against Venezuela under EU Council Decision No. 2017/2074/CFSP and Council Regulation (EU) No.2017/2063. This sanctions regime came in force on its publication date in the European Union Official Journal (November 14, 2017). The aim of the new sanctions are to prevent the “excessive use of violence or abuse of human rights in Venezuela, in light of the recent deterioration of democracy and the rule of law” following massive protests against the Venezuelan President, Nicolas Maduro.

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Posted on 20/11/2017

The EU Financial Sanctions (Amendment of Information Provisions) Regulations 2017

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On 8 August 2017, the UK legislator passed a new Regulation imposing additional recordkeeping and reporting obligations related to financial sanctions compliance by UK professionals. The European Union Financial Sanctions (Amendment of Information Provisions) Regulations 2017 (“the Regulations”) expands the scope of financial sanctions reporting requirements to additional sectors beyond financial institutions, including auditors and external accountants.

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Posted on 15/11/2017

Revocation of U.S. Sudan Sanctions Regulations (“SSR”)

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On October 12th, 2017 the U.S. revoked part of its financial sanctions against Sudan. 

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Posted on 06/11/2017

Deloitte Global Export Controls & Sanctions Conference – 09 November 2017

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We are excited to inform you that we are holding an export controls and sanctions conference at our London offices on 09 November 2017. 

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Posted on 19/10/2017

US Department of Commerce Implements Wassenaar Arrangement Changes

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The US Department of Commerce Bureau of Industry and Security (BIS) recently announced a Final Rule (“Rule”) effective on 15 August 2017 that revises the US Commerce Control List (CCL) (see 82 FR 38764). The revisions have been made in line with changes to the Wassenaar Arrangement (WA) that were agreed during the December 2016 WA Plenary meeting.

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Posted on 06/10/2017

EU to Build Framework for Sanctioning Malicious Cyber Actors

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The European Council (EC) has announced that it will create a policy framework for responding to malicious cyber activities aimed at European Union (EU) member states, according to a June 2017 statement titled “Cyber attacks: EU ready to respond with a range of measures, including sanctions.”[1] The new framework points to an expanding scope for EU sanctions, with possible impacts for businesses operating in Europe and abroad.

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Posted on 01/08/2017

Significant Changes to Chinese Export Control Laws

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The People’s Republic of China’s Ministry of Commerce has released for public comment a draft Export Control Law that substantially overhauls China’s current trade controls system. As one of the top priorities for China’s 2017 legislative agenda, we anticipate the law will be promulgated by the end of 2017. 

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Posted on 13/07/2017