PT Bukit Muria Jaya (“BMJ”), a global supplier of cigarettes, has agreed to pay a fine of more than $1.5 million and to enter into a deferred prosecution agreement with the Department of Justice (DOJ) for conspiracy to commit bank fraud in connection with the shipment of products to North Korean customers.… Continue Reading
On Saturday 9 January 2021, the PRC Ministry of Commerce (MOFCOM) issued MOFCOM Order No. 1 of 2021 on Rules on Counteracting Unjustified Extra-Territorial Applications of Foreign Legislation and Other Measures (the Rules). The Rules specify that they were formulated pursuant to the PRC National Security Law for the express purpose of “counteracting the impact … Continue Reading
The latest edition of our transatlantic export controls and sanctions update is available. In this publication, we look at the shifting regulatory framework for international trade compliance on both sides of the Atlantic. In this issue, we cover:… Continue Reading
OFSI, part of the HM Treasury, working toward ensuring that financial sanctions are properly implemented and enforced in the UK, has updated numerous financial sanctions that are currently in force. The recent updates are for financial sanctions in the following regions and industries: ISIL/Da’esh and Al-Qaida Organizations Nicaragua Venezuela Central African Republic Ukraine – Sovereignty and Territorial Integrity Syria Libya … Continue Reading
On January 31, 2019, the Department of Treasury’s Office of Foreign Assets Control (OFAC) announced that it has reached a settlement agreement with e.l.f. Cosmetics, Inc. in the amount of US$996,080 for potential civil liability relating to 156 apparent violations of North Korea Sanctions Regulations. The potential violations stem from importation of false eyelash kits from the People’s Republic of … Continue Reading
In October 2018, the EU decided to amend its list of sanctioned entities and persons in the following countries: Burundi, Guinea and North Korea. Further, the European Commission added new persons to sanctions directed against the ISIL (Da’esh) and Al-Qaida organizations, and removed restrictions imposed on one Iraqi entity. The up-to-date consolidated list of all entities and people subject to EU … Continue Reading
The Office of Financial Sanctions Implementation (OFSI), which is part of HM Treasury and works to ensure that financial sanctions are properly implemented and enforced in the UK, has updated a number of financial sanctions currently in force. The recent updates are as follows: Financial sanctions, Libya; Financial sanctions, Ukraine (Sovereignty and Territorial Integrity); Financial sanctions, North Korea (Democratic People’s … Continue Reading
On 1 March, the Office of Foreign Assets Control (OFAC) announced the amendment and reissuance in its entirety of the North Korea Sanctions Regulations, 31 C.F.R. part 510. These regulations were updated to reflect and incorporate the North Korea-related executive orders issued in recent years and additional changes to North Korea-related laws, specifically the North Korea Sanctions and Policy Enhancement … Continue Reading
On 29 January 2018, OFAC announced that it released five reports to Congressional Committees pursuant to the Countering America’s Adversaries Through Sanctions Act of 2017 (CAATSA). The reports include (1) Section 241: Report on Senior Foreign Political Figures and Oligarchs in the Russian Federation; (2) Section 104(e): Report on Contributions to Iran’s Ballistic Missile Program; … Continue Reading
On 24 January 2018, OFAC designated nine entities, 16 individuals and six vessels “in response to North Korea’s ongoing development of weapons of mass destruction (WMD) and continued violations of United Nations Security Council Resolutions”. The designations “target agents of the Kim regime financing or otherwise supporting North Korea’s WMD programs and other illicit businesses”.… Continue Reading
On 8 January 2018, the EU aligned its North Korea sanctions list with part of UN Security Council Resolution 2397 adopted on 22 December 2017. Sixteen persons and one entity, the Ministry of the People‘s Armed Forces, have been added to the list of those subject to an asset freeze and travel restrictions (See Council … Continue Reading
On 2 November, the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) announced the issuance of a final rule severing the Chinese financial institution Bank of Dandong from the US financial system. FinCEN found Bank of Dandong to be of primary money laundering concern under the USA PATRIOT Act, in connection with activities by … Continue Reading
On 20 September, President Trump issued an Executive Order (EO) authorising broad new economic sanctions against North Korea, by targeting those dealing with the country. The Order, EO 13810, adds to the existing US embargo of North Korea by authorising the US Treasury’s Office of Foreign Assets Control (OFAC) to impose blocking sanctions against any person found to be participating … Continue Reading
On 16 October, the Foreign Affairs Council adopted new EU autonomous measures reinforcing the sanctions on North Korea imposed by the UN Security Council, effective immediately. They include a total ban on EU investment in North Korea across all sectors, whereas previously the ban related to certain sectors, such as the arms industry and chemical industries. Also, there is a … Continue Reading
President Trump has signed into law the countering America’s Adversaries Through Sanctions Act, expanding US sanctions targeting Iran, Russia, North Korea and Syria.… Continue Reading
On 2 June 2017, the UN Security Council adopted new sanctions targeting 18 North Korean officials and entities as a result of North Korea’s recent ballistic missile tests. Under these sanctions, entities and people are subject to an asset freeze and travel ban in all UN countries. The EU’s implementing measures are Commission Regulation 2017/970, which amends Council Regulation 329/2007 … Continue Reading
On 29 June 2017, the US Treasury’s Financial Crimes Enforcement Network (FinCEN) announced a proposed rule that would designate China’s Bank of Dandong to be a foreign financial institution of primary money laundering concern under Section 311 of the USA PATRIOT Act. The measure responds to findings that the bank used the US financial system to facilitate millions of dollars … Continue Reading
On 23 June 2017, the Financial Action Task Force (FATF) published information identifying jurisdictions with deficiencies in their antimoney laundering and counter-terrorist financing regimes. In response to this published information by the FATF, in its advisory notice, HM Treasury advises firms to consider North Korea and Iran as high-risk jurisdictions for the purposes of the Money Laundering Regulations 2007, and … Continue Reading
As a result of North Korea’s manifest violations of UN resolutions, in addition to the threat it poses to international peace and security, on 6 April, the EU Council expanded its nuclear-proliferation sanctions on North Korea. The EU’s new restrictive measures further expand the ban on EU investment in and with North Korea to the … Continue Reading
House lawmakers introduced a new bill, the Korean Interdiction and Modernization of Sanctions Act (H.R. 1644), that would expand existing sanctions targeting trade with the North Korean regime. Further, two new Iran sanctions bills were introduced in the House and Senate – the Iran Ballistic Missiles and International Sanctions Enforcement Act (H.R. 1698) and the … Continue Reading
The US Department of State’s Bureau of Industry and Security (BIS) has removed from the Entity List China’s telecommunications equipment firms Zhongxing Telecommunications Equipment Corporation and ZTE Kangxun Telecommunications Ltd., known collectively as ZTE. The action follows the agency’s recently announced, record-breaking settlement for US export controls violations, according to which those entities agreed to … Continue Reading
With effect from 1 March 2017, the EU has amended its financial sanctions against the Democratic People’s Republic of North Korea to include additional prohibitions. In summary: (1) with effect from 1 March 2017, it is prohibited to open a new bank account held or controlled by a North Korean diplomatic mission, consular post or … Continue Reading
The EU has removed five vessels from its sanctions against North Korea, implementing a UN decision to de-list them at the end of 2016. The EU had listed these vessels on its sanctions on North Korea for being operated or managed by listed entity Ocean Maritime Management Company. Commission Implementing Regulation 2017/80 amends Council Regulation … Continue Reading
On Monday, 13 February, President Donald Trump welcomed Canadian Prime Minister Justin Trudeau to the White House. President Trump hosted Israeli Prime Minister Benjamin Netanyahu at the White House on Wednesday. The U.S. Senate confirmed Steven Mnuchin to serve as Secretary of the Treasury on Monday evening. Congress is scheduled to be in recess next … Continue Reading
