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Category Archives: Compliance

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Treasury Publishes List of Boycotting Countries

Posted in Compliance
On March 30, 2017, the U.S. Department of the Treasury (Treasury) published its current list of countries that require cooperation with an international boycott. Treasury, along with the U.S. Department of Commerce (Commerce), administers antiboycott laws and associated guidelines that were enacted in response to the Arab League’s boycott of Israel. Treasury’s rules apply to… Continue Reading

Commerce Continues Important SIMA Program for Monitoring Steel Imports

Posted in Announcements, Compliance
On Thursday, the International Trade Administration of the Department of Commerce extended the Steel Import Monitoring and Analysis (SIMA) system, a significant steel import monitoring program, for an additional five years.  The program has now been in place for 12 years, since 2005, and provides timely and streamlined public access to steel import data.  As… Continue Reading

Last Weeks of the Year See a Flurry of FCPA Enforcement

Posted in Compliance, FCPA
The last two weeks of 2016 have seen a flurry of Foreign Corrupt Practices Act (FCPA) enforcement actions: a $519 million settlement against Israel’s Teva Pharmaceutical, an action in the billions against Brazilian construction conglomerate Odebrecht and its petrochemical unit, Braskem, and a $75 million settlement by Kentucky-based General Cable Corporation. Teva’s December 22 settlement… Continue Reading

Wiley Rein Releases Updated Report on Global Steel Industry Overcapacity

Posted in Announcements, Antidumping, Compliance, Customs Law, Dumping and Subsidies
Today our International Trade Group published a report—the second edition of its kind—on the unprecedented level of overcapacity in the global steel industry, which is severely distorting the world market and threatening the viability of many steel producers worldwide. Since the first edition of Government Intervention and Overcapacity was released in July 2013, excess capacity has… Continue Reading

PTC Pays $28 Million in 2016’s Second Software-Focused FCPA Enforcement Action

Posted in Compliance, FCPA
On February 16, Massachusetts-based software company PTC Inc. paid $28 million to settle Foreign Corrupt Practices Act (FCPA) enforcement actions with both the Department of Justice (DOJ) and U.S. Securities and Exchange Commission (SEC). PTC’s two China units – based in Shanghai and Hong Kong – were alleged to have paid for employees of various… Continue Reading

Treasury Publishes List of Boycotting Countries

Posted in Compliance
The U.S. Department of the Treasury (Treasury) periodically publishes an official boycott list to alert the public to those countries that require or may require participation in, or cooperation with, an international boycott. On January 27, 2016, Treasury published its current list of boycotting countries, which includes: Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria,… Continue Reading

Importers Find That Trade Remedies Evasion Doesn’t Pay

Posted in Compliance, Customs Law, Dumping and Subsidies, Manufacturing, Trade Remedies
Last week, several individuals involved in a multi-year scheme to fraudulently misclassify imported Chinese magnesium powder were handed prison sentences by a federal judge. The defendants, William Nehill and Gregory Magness, pled guilty in the scheme several years ago. Magness has been given an 18-month prison sentence, while Nehill will serve 90 days; both Nehill and… Continue Reading

California’s Strict “Made in USA” Law Amended

Posted in Compliance, Litigation, Manufacturing
Earlier this month, California governor Jerry Brown signed into law amendments to California’s “Made in USA” labeling standard. California’s law had been among the strictest in the nation, prohibiting products sold in California from being labeled as U.S.-made if any components or materials originated outside of the United States. The California standard was much more… 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

CBP Warns Importers: Don’t Fall For AD/CVD Scams!

Posted in Compliance, Customs Law, Dumping and Subsidies, Manufacturing, Trade Remedies
When importers’ fail to properly declare duties on products subject to trade orders, it harms the U.S. economy.  Failing to properly declare duties costs the U.S. Treasury millions of dollars each year, reducing U.S. manufacturing employment, and undermining U.S. industries’ ability to recover from the injurious effects of unfairly traded imports. As such, enforcement of… Continue Reading

FDA Food Facility Registration Deadline Coming Up

Posted in Compliance, Customs Law
Prior to the 2011 Food Safety Modernization Act (FMSA),  U.S. and foreign facilities that manufactured, processed, packed, or held food products for shipment to U.S. destinations were required to register with the U.S. Food & Drug Administration (FDA). Under FMSA, they must also renew those registrations in every even-numbered year. 2014, as you might have… Continue Reading

U.S. Federal Trade Commission Continues Enhanced Enforcement of the “Made in USA” Guidelines

Posted in Compliance, Customs Law, Manufacturing
The U.S. Federal Trade Commission regulates the labeling and advertising of products as “Made in the USA.” Under the Commission’s policy guidelines, a claim that a product is simply “Made in the USA” is permissible only if a product is “all or virtually all” produced in the United States.… 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
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