- Select a blog category
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.
On October 12th, 2017 the U.S. revoked part of its financial sanctions against Sudan.
We are excited to inform you that we are holding an export controls and sanctions conference at our London offices on 09 November 2017.
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.
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.” The new framework points to an expanding scope for EU sanctions, with possible impacts for businesses operating in Europe and abroad.
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.
On 14 June 2017, Singapore Customs released a circular announcing the introduction of new end-user statement (EUS) formats for Strategic Trade Scheme (STS) bulk permits and individual permits, respectively. The new format is effective immediately for bulk permits, and from 1 July 2017 for individual permits.
The U.S. Office of Foreign Assets Control (“OFAC”) issued a “Finding of Violation” to B Whale Corporation (“BWC”), a member of the TMT Group of Shipping Companies based in Taiwan. BWC violated 31 C.F.R sections 560.201 and 560.211 of the Iranian Transactions and Sanctions Regulations (“ITSR”) (the “Regulation”), when its vessel received 2,086,486 barrels of condensate crude oil in a ship-to-ship transfer. The other company involved in the deal, the National Iranian Tanker Company, is listed on the Specially Designated Nationals and Blocked Persons List (the “SDN List”).
New York State adopts requirements for transaction monitoring and filtering programmes for financial institutions
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).
The US Departments of State and Commerce have recently revised their requirements for Destination Control Statements (“DCS”) that must accompany exports and re-exports of US-controlled items. This change reflects the increasing frequency of shipments being made containing items controlled under both the US International Traffic in Arms Regulations (“ITAR”) and Export Administration Regulations (“EAR”), particularly as a result of the US’ ongoing Export Control Reform (“ECR”) initiative.