American Trade & Manufacturing Blog

D. Scott Nance

D. Scott Nance

Scott Nance has more than 25 years of experience counseling clients on all aspects of international trade, including antidumping and countervailing duties, economic sanctions, and export controls matters. He has represented domestic and foreign clients in numerous industries in more than 50 antidumping and countervailing duty investigations before the U.S. Department of Commerce and the U.S. International Trade Commission (ITC) in cases involving over $1 billion in annual trade.

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The Trump Administration and Sanctions

Posted in Economic Sanctions
During his presidential campaign, President-Elect Donald Trump made few concrete statements regarding sanctions policies. However, it is possible to identify some areas where things might change significantly. Iran: President-Elect Trump has said that he would immediately scrap the Joint Comprehensive Plan of Action (JCPOA) with Iran. The JCPOA has been described as a political commitment… Continue Reading

The Outlook For Sanctions and Export Controls in the Next Administration

Posted in Economic Sanctions, Export Controls
With the presidential election fast approaching, businesses may be wondering what the next administration is likely to do with respect to sanctions and export controls. If Secretary Clinton is elected, the most likely path is a continuation in general of the current policies. If Donald Trump is elected, the prospects are much less clear. And… Continue Reading

OFAC Publishes its Much-Anticipated Cyber-Related Sanctions Regulations (Here’s Looking at You, China)

Posted in Economic Sanctions
December 31, 2015: The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has published its Cyber-Related Sanctions Regulations, 31 C.F.R. Part 578. These regulations implement the President’s April 2015 Executive Order (E.O.) 13694, which authorizes the imposition of broad economic sanctions on individuals and entities that are deemed responsible for “malicious cyber-enabled activities,”… Continue Reading

Treatment of China as a Non-Market Economy Country After 2016

Posted in Antidumping, World Trade Organization
When China joined the World Trade Organization (WTO) in 2001, there was general agreement that because of the Chinese government’s pervasive control over prices, it would be unrealistic to require other WTO members to use Chinese prices and costs in antidumping investigations of Chinese imports. This agreement was embodied in Section 15 of China’s Protocol… Continue Reading

Iran Sanctions Relief and Uncertainty Under the JCPOA

Posted in Economic Sanctions
On July 14, 2015, Iran, the United States, the United Kingdom, China, France, Russia, and Germany finalized a Joint Comprehensive Plan of Action (JCPOA) intended to restrict Iran’s nuclear activities in exchange for easing international sanctions against the country.  While the text of the JCPOA provides a relatively detailed framework for the implementation of the… Continue Reading

Schlumberger Fine Emphasizes Need to Insulate U.S. Persons from Activities Involving Sanctioned Countries

Posted in Compliance, Economic Sanctions
Schlumberger Oilfield Holdings, the world’s largest oil field services company, has pleaded guilty to one count of conspiring to violate U.S. economic sanctions against Iran and Sudan. As part of its plea arrangement, Schlumberger has agreed to pay a fine of $232.7 million, and three years of corporate probation. The plea agreement concludes an investigation… Continue Reading

Commerzbank Fined $1.45 Billion For Sanctions And Money Laundering Violations

Posted in Anti-Money Laundering, Compliance, Economic Sanctions, National Security
Commerzbank AG, the second-largest bank in Germany, is the latest in a series of foreign banks to be fined hundreds of millions of dollars for violations of U.S. sanctions and anti-money laundering (AML) laws. Commerzbank and its New York branch have agreed to pay fines and forfeitures totaling $1.45 billion, including $259 million imposed by… Continue Reading

New Sanctions May Make Business With Venezuela More Complicated

Posted in Compliance, Economic Sanctions, Export Controls, Trade Policy
On March 9, 2015, President Obama issued a new Executive Order instructing the freezing of the assets and the denial of entry into the United States of seven officials of the Venezuelan government. U.S. persons, including U.S. citizens, permanent residents, and companies, are prohibited from engaging in any transactions with the designated officials, and must… Continue Reading

Identifying UBOs: The Conflict Between FINCEN and OFAC

Posted in Anti-Money Laundering, Compliance, Economic Sanctions
Identifying who the hidden owners of an entity may be is a key step in combatting money laundering and terrorist financing and complying with U.S. sanctionslaws. For banks in particular, this means identifying the ultimate beneficial owners (UBOs) of customers who are legal entities. Typically, banks will try to identify everyone holding some specified percentage… Continue Reading

Foreign Exchange Trading: The Need For Internal Controls

Posted in Anti-Money Laundering, Economic Sanctions
On November 12, 2013, the Commodity Futures Trading Commission (CFTC) announced that it had imposed fines totaling $1.4 billion on five major international banks in connection with the alleged manipulation of foreign exchange benchmark rates. In each case, the CFTC asserted that individual traders within the banks had colluded to move benchmark foreign exchange rates,… Continue Reading

FinCEN Issues Guidance on Updated FATF List of High-Risk and Non-Cooperative Jurisdictions

Posted in Anti-Money Laundering
On November 12, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) released an advisory of the Financial Action Task Force (FATF), which identified jurisdictions with anti-money laundering (AML) and combatting the financing of terrorism (CFT) deficiencies.  FATF, an inter-governmental policy-making body that develops and promotes policies to combat money laundering and terrorist financing,… Continue Reading

FinCEN Clarifies that Anti-Money Laundering Rules Apply to Virtual Currencies

Posted in Anti-Money Laundering
Companies involved in virtual currency business must consider anti-money laundering compliance.  Dealing in virtual currencies, like Bitcoin, could trigger obligations under the Bank Secrecy Act (BSA), such as the duty to report suspicious activity. This week, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) determined that, in two cases, businesses dealing in virtual… Continue Reading
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