Day: April 30, 2019

Cases
Cuba
Global Trade
Iran
OFAC
Sanctions

Treasury Department’s OFAC – UniCredit Bank Settlements

Earlier this month, OFAC announced 3 settlements totaling $611M with 3 UniCredit Group Banks located in Germany, Austria and Italy.  This was a part of a $1.3B settlement of the banks with other federal and state governments and agencies. OFAC investigated the banks in connection with violations of US sanctions on Burma, Cuba, Iran, Libya, Sudan, […]

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Anti-Corruption
Global Trade
OFAC
Sanctions
Venezuela

Treasury Sanctions Venezuelan Minister of Foreign Affairs

April 26, 2019:  OFAC sanctioned Jorge Alberto Arreaza Montserrat, the Venezuelan Minister of Foreign Affairs, and Carol Bealexis Padilla de Arretureta, both of whom were determined to be current or former officials of the Maduro Government of Venezuela. For information about the methods that Venezuelan senior political figures, their associates, and front persons use to […]

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Brexit
EU
Global Trade

Flextension: What Does it Mean for Businesses?

April 10, 2019:  The EU granted the UK a temporary, flexible extension in connection with Brexit – until October 31, 2019.  This time window should allow the UK to accomplish and orderly Brexit by ratifying the Brexit Deal that the UK and EU worked up together.  The Flextension will end immediately if the deal is […]

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EU
Global Trade
WTO

EU-US Retaliatory Tariffs: Proposed Lists

In connection with the long-running EU-US WTO dispute over the subsidies to Boeing and Airbus, the EU released a list of U.S. products for retaliatory tariffs, after the US announced that it was going to impose import duties on European products.  The EU list covers nearly $23 billion worth of U.S. goods. The EU proposed […]

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Global Trade
Iran
Sanctions

Sanctions Waivers on Iranian Oil No More

April 22, 2019:  The White House announced that it will not re-issue the significant reduction exceptions (SREs) that previously allowed companies outside of the US (Italy, Greece, Turkey, China, India, Taiwan, S Korea, Japan) to procure oil from Iran without running afoul of US Iran sanctions.  The current SRE is in effect until May 2, […]

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Fraud
OFAC
Sanctions

Foreign Interference With US Elections Sanctions

April 29, 2019:  OFAC added regulations to implement the September 12, 2018 Executive Order 13848, which declared a national emergency in response to foreign interference in US elections. The EO authorized sanctions against any foreign government, entity or individual that authorizes, directs, sponsors, or otherwise supports interference with US elections. The regulations took effect yesterday, […]

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Anti-Corruption
Best Practices & Resources
Global Trade

London Metal Exchange – Supply Chain Transparency Move

According to an article by Reuters from earlier this month, the London Metal Exchange (the world’s largest market for industrial metals) is looking at a major push toward transparency in child labor in metals’ supply chain.  Specifically, the LME could by 2022 ban or delist metal brands that are not responsibly sourced .  According to […]

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