Export Compliance Daily
WEB5 days ago · The Office of Foreign Assets Control unveiled an interim final rule this week that will extend the agency’s sanctions-related record-keeping requirements from five years to 10 years. The rule, effective in mid-March, will align the agency’s record-keeping rules with a similar expansion of the statute of limitations for civil and criminal violations of U.S. sanctions as part of a bill ...
Cypriot Banks Say They're Complying With All US Sanctions, but …
WEB21 hours ago · Maria Aristidou Demetriou, chief compliance officer with Hellenic Bank Cyprus, said the country’s banks have begun inserting language in contracts with new customers outlining the banks’ “obligation to abide by the U.S. sanctions.”. She said she believes this gives the financial industry some legal “coverage for what we are doing.”.
Law Firm Expects US to Expand Statute of Limitations for EAR …
WEBMay 6, 2024 · President Joe Biden on April 24 signed into law a wide-ranging national security bill that extended the statute of limitations on certain sanctions violations from five to 10 years (see 2404290071 and 2404240043).Steptoe, in a May 2 client alert, said it envisions the U.S. making the same change for violations of the Export Administration Regulations to make sure U.S. enforcement powers are ...
Recent Export Control Enforcement Actions 'Just the Beginning,' …
WEBMay 18, 2023 · The new strike force, launched by DOJ and the Commerce Department in April (see 2302160019), is “sending a strong demand signal” from “headquarters” to prosecutors that the administration is prioritizing export control and sanctions cases, Axelrod said.But he also said the government had been working on this week's indictments -- which charged six people for trying to illegally ship ...
US Should 'Tread Lightly' Around New Export Controls, Lawmaker …
WEBJul 17, 2023 · Warner, speaking during an event last week hosted by the German Marshall Fund, was asked whether the U.S. needs to better regulate certain activities by cloud providers, which are reportedly being used as a loophole by Chinese companies to acquire advanced semiconductors. The Bureau of Industry and Security has said it’s looking at ways to stop China from specifically using rental agreements ...
Seagate Fine Shows BIS Is Looking to 'Aggressively' Enforce FDP …
WEBMay 9, 2023 · The settlement with Seagate, which sold more than 7 million export-controlled hard disk drives to Huawei in violation of the Bureau of Industry and Security’s FDP rule (see 2304190071), “makes clear that BIS and the U.S. government more broadly remain focused on aggressively enforcing U.S. export controls targeting Chinese companies on the Entity List and related restrictions,” Paul ...
CBP Says Past Export Filing Penalties, Redelivery Notices Were …
WEBNov 1, 2023 · Some forwarders in recent years have reported a rise in penalties for violations surrounding ocean shipments that occurred more than a year prior (see 2105040040).Russell said CBP was right to issue all of the penalties he reviewed, saying the exporter had either omitted filing information or submitted a late …
BIS Aiming for More Corporate Enforcement This Year, Official Says
WEBMar 6, 2023 · BIS Aiming for More Corporate Enforcement This Year, Official Says. 6 Mar 2023 by Ian Cohen. The Bureau of Industry and Security will increase the number of penalties it issues against corporations for export violations this year, an effort it hopes will lead to improved industry compliance, the top export BIS …
More EU Export Control Guidance Needed for Universities, Official …
WEBDec 10, 2021 · Export Compliance Daily. Detailed and comprehensive, Export Compliance Daily delivers the perfect mix of strategic developments and operational changes that allows export compliance professionals to understand what has changed, how it will impact their operations, and which products/geographies will be affected.
FedEx Loses Appeal in Lawsuit Against BIS - Export Compliance Daily
WEBJul 12, 2022 · A U.S. appeals court on July 8 affirmed a 2020 District of Columbia court ruling dismissing FedEx’s lawsuit against the Bureau of Industry and Security, saying the shipping company failed to show BIS acted outside its authority. The court also rejected FedEx’s claims that the agency was using the Export Administration Regulations to apply overly burdensome liability standards on carriers ...
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