International Trade > AG Trade Law
30 Jun '17

Read the latest edition of Red Notice, a monthly update on global investigations and prosecutions that cross multiple jurisdictions. Red Notice focuses on developments related to anticorruption as well as export controls and sanctions. To view this month’s issue, please click here.

To read the Chinese version, please click here. For the Russian version, please click here.

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20 Jun '17

On June 16, 2017, the Trump administration issued a national security presidential memorandum entitled “Strengthening the Policy of the United States Towards Cuba” (the “Presidential Memorandum”). Related to this announcement, the White House issued a Cuba Fact Sheet, OFAC issued a new set of Frequently Asked Questions (FAQs) and the Department of Transportation also issued a new set of FAQs relating to the President’s announcement.

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31 May '17

Read the latest edition of Red Notice, a monthly update on global investigations and prosecutions that cross multiple jurisdictions. Red Notice focuses on developments related to anticorruption as well as export controls and sanctions. To view this month’s issue, please click here.

To read the Chinese version, please click here. For the Russian version, please click here.

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01 Mar '17

Background

On February 27, 2017, FinCEN announced a $7 million civil monetary penalty against Merchants for willful violations of the BSA. Additionally, the Office of the Comptroller of the Currency (OCC), Merchants’ federal functional regulator, identified deficiencies in Merchants’ processes that resulted in violations of the 2010 and 2014 consent orders that Merchants entered into with the OCC, as well as continued violations of 12 C.F.R. § 21.21 (i.e., the requirement that a bank’s AML compliance program must be reasonably designed to assure and monitor compliance with the BSA’s recordkeeping and reporting requirements). The OCC is assessing an additional, separate $1 million penalty for the violations.1

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11 Jan '17

CFIUS: Account for CFIUS risks in transactions involving non-U.S. investments in businesses with a U.S. presence

Over the past year, the Committee on Foreign Investment in the United States (CFIUS), an interagency committee chaired by the Department of the Treasury, has been particularly active in reviewing and, at times, intervening, in non-U.S. investments in U.S. businesses to address national security concerns. CFIUS has the authority to impose mitigation measures on a transaction before it can proceed. It may also recommend that the President block a pending transaction or order divestiture of a U.S. business in a completed transaction. Consequently, companies that have not sufficiently accounted for CFIUS risks may face significant hurdles in successfully closing a deal. With the incoming Trump administration, there is also the potential for an expanded role for CFIUS, particularly in light of campaign statements opposing certain foreign investments.

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22 Nov '16

The results of the U.S. presidential election are historic and unanticipated, and they will have significant economic, political, legal and social implications. As we prepare for the Trump presidency, many uncertainties remain regarding how the incoming administration will govern. President-elect Trump has stated that he will pursue vast changes in diverse regulatory sectors, including international trade, health care, and energy and the environment. These changes are likely to reshape the legal landscape in which companies must conduct their business, both in the United States and abroad.

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11 Oct '16

On October 7, 2016, the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC) published new guidance clarifying (a) circumstances under which non-U.S. financial institutions (FFIs) may engage in U.S. dollar transactions involving Iran; (b) when residual “secondary” U.S. sanctions on Iran can affect transactions involving affiliates of Iranian Specially Designated National (SDNs); and (c) U.S. government expectations for conduct of compliance screening and due diligence in Iran-related transactions otherwise permissible under U.S. sanctions relief implemented pursuant to the Joint Comprehensive Plan of Action (JCPOA or “the Agreement”) in January 2016.

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26 Apr '16

On April 15, 2016, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued the Hizballah Financial Sanctions Regulations (HFSR, 31 CFR Part 566) implementing the Hizballah International Financing Prevention Act of 2015 (HIFPA or “Act,” Pub. L. No. 114-102 (2015)). The HFSR are intended to disrupt Hizballah’s global logistics and financial network by providing a new basis of secondary sanctions jurisdiction over foreign (i.e., non-U.S.) financial institutions (FFIs) that, when invoked, would prohibit or significantly limit the ability of U.S. financial institutions to open or maintain correspondent or payable-through accounts on their behalf in the United States.

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