Global developments in Global Export Controls and Sanctions

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

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

New York State adopts requirements for transaction monitoring and filtering programmes for financial institutions

Standards

Starting January 1, 2017, financial institutions with operations in New York will be required to maintain a risk-based transaction monitoring and filtering programme to ensure that the local financial system is not used for purposes of money laundering, terrorist financing, sanctions violations or other suspicious activities. The new requirements are outlined by the New York State Department of Financial Services (NYSDFS) in a final regulation (the Rule) set forth in Part 504 to Title 3 of the New York Codes Rules and Regulations (NYCRR).

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Posted on 21/12/2016

Sanctions update: Get your boarding pass and proceed to gate J

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Ladies and gentlemen, the US Office of Foreign Assets Control (“OFAC”) has turned on the General License J sign, so fasten your seatbelt and prepare for take-off! If you are engaged in commercial passenger and/or cargo airline activity, and you are considering or already operating in Iran, please note the following update to US regulations.

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Posted on 15/08/2016

US defines new “encryption carve-out” for transfers of export-controlled data

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For companies handling export-controlled technology, the increasing prevalence of cloud computing and cross-border IT networks raises significant challenges for effective compliance. In a move to accommodate these trends, the US Department of Commerce (“DoC”) has newly defined what they are calling an “encryption carve-out”, which states that the transmission of encrypted technology or software is no longer deemed to be an export/reexport/transfer activity under the EAR, provided certain criteria are satisfied.

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Posted on 27/07/2016

US to implement new definitions of “export”, “release” and other key terms

Three steps

On September 1, new definitions of terms used in the International Traffic in Arms Regulations (“ITAR”) and Export Administration Regulations (“EAR”) will enter into effect. This two-part blog post highlights key upcoming changes.

In Part 1 of this two-part post, we focus on new controls on the “release” of technology and technical data. In Part 2 (available here), we look at new rules related to the use of end-to-end encryption for transferring EAR-controlled technology.  

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Posted on 27/07/2016

Managing export controls and sanctions post-Brexit

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In the wake of the results of the UK’s June 23 referendum on EU membership, businesses must assess the impacts of “Brexit” on their operations and prepare to manage the resulting risks. Without a concrete timeline and an understanding of the new regulatory framework, preparing for what may come is incredibly difficult and the country is currently in a state of flux. The well-known British wartime slogan “Keep Calm and Carry On” has come into its own once again at this uncertain time.

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Posted on 28/06/2016

USG Encourages Industry to Lobby Int'l Regulators on Cybersecurity Controls

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Earlier this year, the US Government took the unusual step of publicly announcing the content of its 2016 Wassenaar Arrangement (“WA”) Cyber Security Export Controls Proposal, which calls for modifications to controls adopted by the WA in December 2013, and called on industry to lobby their local regulatory authorities to support the US Proposal.

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Posted on 06/06/2016