Publications
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08.16.2023A New National Security Frontier: Executive Order and Coming Regulations Restricting US Technology Investments in ChinaUpdatesPresident Biden issued a long-awaited executive order, “Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern” (the Executive Order or E.O.) on August 9, 2023, highlighting the risks these technologies and products pose to U.S. national security and marking the latest round in the ever-increasing competition between the United States and China.
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05.25.2023Mandatory BEA Foreign Investment-Related Surveys Filing Deadlines Fast ApproachUpdatesThe Bureau of Economic Analysis of the U.S. Commerce Department is the government agency that prepares important statistics and objective data about the U.S. economy, including the U.S. gross domestic product. As part of its data-gathering process, the BEA makes use of a variety of surveys and other reports submitted to it by U.S. business enterprises and individuals. Two of BEA’s most comprehensive five-year benchmark surveys have impending filing deadlines and must be submitted by those U.S. businesses and persons to which they apply.
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03.07.2023DOJ Announces Shift Toward Corporate Enforcement for Sanctions and Export Control ViolationsUpdatesDeputy Attorney General Lisa Monaco delivered groundbreaking remarks at the American Bar Association National Institute on White Collar on March 2, 2023, heralding a new era of corporate enforcement aimed at addressing U.S. national security priorities.
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11.08.2022New US Export Controls Target China’s Semiconductor and Supercomputer SectorsUpdatesThe U.S. Commerce Department’s Bureau of Industry and Security announced an interim final rule, adding a substantial number of new export restrictions to China of advanced semiconductors and chip manufacturing equipment.
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05.16.2022Sanctions Are the New FCPA: US Pledges Enforcement, Issues New Russia Sanctions and Export ControlsUpdatesAs Russia’s invasion of Ukraine persists, with no end currently in sight, the United States continues to issue increasingly punishing economic sanctions and export controls targeting Russia, most recently aiming at the exportation to Russia of certain categories of professional services.
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04.20.2022War in Ukraine Prompts Further Trade Sanctions by the United StatesUpdatesRussia’s invasion into Ukraine in February 2022 has prompted the United States and its allies, including the United Kingdom, the European Union, and others, to issue substantial international trade restrictions including economic sanctions and export controls. In addition to earlier U.S. actions, the United States has issued further trade restrictions.
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03.21.2022Recent Developments in US Sanctions and Export Controls Targeting RussiaUpdatesFollowing Russia’s recognition of breakaway regions in Ukraine and full-scale invasion of the country, authorities in the United States, United Kingdom, European Union, and across the globe imposed a sweeping array of trade and economic sanctions, export controls, and other financial countermeasures.
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03.02.2022Sanctioning Russia Over Invasion of UkraineUpdates
On February 21, 2022, Russian President Vladimir Putin unilaterally recognized the Luhansk and Donetsk regions in Eastern Ukraine as independent states.
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09.22.2020TikTok and WeChat—New Developments Delay ProhibitionsUpdatesSunday, September 20, 2020, was intended to be the day on which prohibitions would go into effect on ByteDance Ltd. (ByteDance) and Tencent Holdings Ltd. (Tencent) and their subsidiaries—makers of the TikTok and WeChat apps, respectively.
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07.20.2020Hong Kong Autonomy Act Signals Significant Shift in US-Hong Kong RelationsUpdatesThe U.S. government on July 14, 2020, took two significant steps to address the evolving situation in Hong Kong.
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04.30.2020BIS Tightens Controls on Exports of National Security-Controlled ItemsUpdatesThe U.S. Department of Commerce, Bureau of Industry and Security (BIS) on April 28, 2020, published two final rules and a proposed rule that substantially tighten the controls in the Export Administration Regulations (EAR).
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02.12.2020FIRRMA Regulations FinalizedUpdatesThe Committee on Foreign Investment in the United States (CFIUS) published two final rules on January 17, 2019, to implement the Foreign Investment Risk Review Modernization Act (FIRRMA) enacted in August 2018.
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05.07.2019OFAC Issues Sanctions Compliance Program GuidanceUpdates
The Office of Foreign Assets Control (OFAC), an agency of the U.S. Department of the Treasury, administers and enforces U.S. economic sanctions programs against targeted foreign governments, individuals, groups and entities in accordance with national security and foreign policy.
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10.22.2018CFIUS Launches FIRRMA Pilot Program—Mandatory Filings for Foreign Investment in U.S. Critical TechnologiesUpdatesOn October 10, 2018, CFIUS issued interim pilot program regulations to review foreign investments in critical technologies to consider whether foreign investment might be eroding U.S. technological superiority.
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07.26.2018The Rapidly Escalating Global Trade War: A Snapshot of New Trade BarriersUpdatesDriven by a newly aggressive “America First” trade policy under the Trump administration, global trade barriers are increasing rapidly, with proposals for new tariffs and non-tariff barriers issued by U.S. and foreign governments on a near-daily basis.
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05.09.2018Sanctions Update: Rewind Your Iran Compliance Policy to January 2016UpdatesThe United States will reimpose sanctions against Iran to implement President Donald Trump’s decision to withdraw from the Joint Comprehensive Plan of Action (JCPOA), a multilateral agreement under which Iran agreed to curb development of certain nuclear capabilities in exchange for the United States lifting specified sanctions.
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03.06.2018Natural Gas Importer Sues U.S. Customs for Rejecting NAFTA ClaimsUpdatesAn importer of natural gas from Canada filed suit on February 23, 2018, alleging that U.S. Customs and Border Protection unlawfully denied preferential treatment for its imports under NAFTA.
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06.09.2017Court Opinion on Liability for Re-Exports to Iran Spurs Practical Guidance for U.S. ExportersUpdatesA recent federal appeals court decision addresses a familiar issue for many companies: When can a U.S. exporter be liable for a product that is re-exported to a sanctioned country, such as Iran?
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05.03.2017The ABA Compliance Officer’s DeskbookLawyer PublicationsThe ABA Compliance Officer's Deskbook equips today's compliance professionals from private sector companies and organizations, nonprofits, hospitals, and all other entities whose funds and reputation might be jeopardized by failure to comply with the law with a practical, comprehensive understanding of the regulatory and enforcement landscape in a manner that is thorough and easily-digestible.
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01.19.2017CFIUS: President-elect Trump’s Potential Big Stick for China and Foreign TradeUpdatesOn the campaign trail, President-elect Trump adopted a contentious approach towards foreign trade, focusing on Chinese “theft of American trade secrets” and suggesting, at times, potential isolationism for U.S. businesses.
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11.22.2016What Does the Promised Trade War Mean for Companies?UpdatesPresident-elect Donald Trump has promised action that could drastically change the rules for U.S. importers and exporters, foreign shippers to the United States and service providers.
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03.03.2016New Law Increases Scrutiny for Importing Goods Made with Forced LaborUpdatesThe federal government took another step in the fight against human trafficking and forced labor. President Obama signed into law on February 24, 2016, the Trade Facilitation and Trade Enforcement Act of 2015 (TFTEA).
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02.12.2016New U.S. Trade Law Exposes Importers to Duty Evasion Allegations and Targets Currency Manipulation, Among Other ChangesUpdatesThis week Congress amended U.S. customs law to create new risks and opportunities for companies importing goods into the United States.
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01.22.2016United States Lifts Certain Sanctions Against Iran, With Limited Impact on U.S. CompaniesUpdatesThe United States suspended certain “secondary sanctions” against Iran that apply to non-U.S. companies for transactions that take place outside of the United States and do not involve U.S. persons on “Implementation Day,” January 16, 2016, under the Joint Comprehensive Plan of Action (JCPOA).
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11.05.2015Trans-Pacific Partnership Publicly Released, Approval is Next HurdleUpdatesOne month after announcing the conclusion of negotiations, the Office of the United States Trade Representative (USTR) today released the full text of the Trans-Pacific Partnership agreement (TPP).
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10.08.2015Trans-Pacific Partnership May Have Far-Reaching Consequences for U.S. IndustryUpdatesThis week, the 12 Trans-Pacific Partnership (TPP) member countries decided the final terms of what they report is a far-reaching agreement (Agreement or TPP Agreement).
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07.21.2015Iran Agreement Limits U.S. Sanctions Relief, Primarily to Non-U.S. EntitiesUpdatesIran has reached an agreement with the international community that would require Iran to restrict aspects of its nuclear program in return for the eventual lifting of certain U.S. and international sanctions against it. The agreement is called the Joint Comprehensive Plan of Action (JCPOA).
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07.07.2015BIS Proposes Significant New Export Controls on Cybersecurity ItemsUpdatesThe Bureau of Industry and Security (BIS) recently issued a proposed rule that would require an export license for specified cybersecurity items to all destinations, except Canada.
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04.14.2015President Issues Executive Order to Block Assets of Foreign Cyber AttackersUpdatesPresident Obama recently issued Executive Order 13694 (EO 13694 or EO), “Blocking the Property of Certain Persons Engaging in Significant Malicious Cyber-Enabled Activities.” EO 13694 is aimed at deterring cyber attacks, cyber espionage and cyber thefts, which have become increasingly common in recent years.
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04.09.2015How US Sanctions Can Affect Cos. With Russian InvestorsArticles
Law360 Expert Analysis
When the White House recently announced that it was extending sanctions against Russia for another year, it cited a continued “unusual and extraordinary threat” from Russia’s activities in Ukraine. -
04.01.2015How U.S. Sanctions Can Affect Companies With Russian InvestorsUpdatesWhen the White House recently announced that it was extending sanctions against Russia for another year, it cited a continued “unusual and extraordinary threat” from Russia’s activities in Ukraine. President Obama also signed the Ukraine Freedom Support Act of 2014 at the end of last year, which authorized the White House to enact further sanctions on Russia.
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01.06.2015Russia, Venezuela and North Korea: U.S. Trade Sanctions Expand in International MarketsUpdatesDuring the same week that President Barack Obama announced sweeping changes in the diplomatic and trade relationships between the United States and Cuba, the president signed congressional legislation authorizing additional sanctions against Russia (December 19, 2014) and Venezuela (December 18, 2014).
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12.18.2014U.S. Embargo Against Cuba: Historic Changes AheadUpdatesOn December 17, 2014, President Barack Obama announced sweeping changes in the diplomatic and trade relationships between the United States and Cuba. These changes, outlined below, will require time to implement; certain aspects will require Congressional approval.
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11.17.2014U.S.-China ITA Breakthrough May Reduce Tariffs on High-Tech ProductsUpdatesOn November 10, United States Trade Representative Michael Froman announced a major breakthrough in negotiations with China to eliminate tariffs on information technology products by expanding the scope of the International Technology Agreement (ITA).
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03.28.2014Turmoil in Ukraine (Part II): U.S. Halts Export Licenses for Dual-Use and Defense Items to Russia; Congress Acts to Codify and Expand Russia SanctionsUpdatesU.S. government agencies announced this week that they have suspended issuing export licenses to companies sending or releasing sensitive goods, services and technology to Russia.
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03.21.2014Turmoil in Ukraine: Actions Your Company Can Take Now as Sanctions Against Russia EscalateUpdatesEvents are rapidly evolving with respect to Russia’s recent military incursion into, and subsequent annexation of, Ukraine’s Crimean Peninsula. The Obama Administration considers Russia’s acts to be clear violations of international law and believes Russia should incur significant costs for threatening the peace, stability and security of Ukraine and the region. To that end, the United States and other nations have implemented sanctions against Russia.
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11.27.2013How Should U.S. Companies React to the Iran Nuclear Deal and Which Sanctions Are Suspended?UpdatesThe United States agreed to suspend certain sanctions against Iran over the weekend as part of an agreement to curb the Iranian nuclear program. The agreement, which provides for a six-month first step towards a comprehensive solution for Iran’s nuclear program and related sanctions, is between Iran and the United States, the United Kingdom, Germany, France, Russia, and China, collectively referred to as “P5+1.”
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09.09.2011BIS Requests Comments on Foreign Policy-Based ControlsUpdatesThe U.S. Bureau of Industry and Security (BIS) has issued a request for public comments on the effect of extending foreign-policy based export controls for another year. Such controls require annual extension, including a review by BIS, a request for public comments, and a related report to Congress.
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08.18.2011New Export License Exception "STA" Now AvailableUpdatesThe U.S. Bureau of Industry and Security has published its Final Rule on the much anticipated license exception Strategic Trade Authorization 76 Federal Register 35276. This new license exception is the next significant step in the Obama Administration's Export Reform Initiative, intended to facilitate exports between the United States and its close partners and allies by easing the license burden on exports of numerous items.
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01.08.2009Exon-Florio/CFIUS: Does Your Transaction Present National Security Considerations?UpdatesThe U.S. Treasury Department, chair of the Committee on Foreign Investment in the United States ("CFIUS"), recently published guidance on the types of transactions previously reviewed by CFIUS that have presented national security considerations ("Guidance"). The Guidance is intended to provide insight into how CFIUS identifies the national security effects of covered transactions and may assist parties considering whether to file a voluntary notice of a transaction with CFIUS [1]. This is an important determination because, although filing a CFIUS notice is voluntary, the parties may be forced to unwind a transaction where no filing was made if the President later determines it poses national security risks.
Blog
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DOJ to Prioritize Enforcement of Sanctions and Export Control Violations Against Corporations
On March 2, 2023, U.S. Department of Justice Deputy Attorney General (DAG) Lisa Monaco once again delivered groundbreaking remarks at the American Bar Association National Institute on White Collar Crime, this time heralding a new era of corporate enforcement aimed at addressing U.S. national security priorities. Last spring, as U.S. sanctions against Russia rolled out,... -
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), on August 8, 2022, sanctioned virtual currency mixer Tornado Cash. OFAC alleged that it had been “used to launder more than $7 billion worth of virtual currency since its creation in 2019 [, including] over $455 million stolen by the Lazarus Group[,]” a...
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OFAC Issues Second Ransomware Advisory and Designates Virtual Currency Exchange for Sanctions
Agency’s Focus on Cryptocurrency and Blockchain Continues On September 21, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) released an updated advisory to “highlight the sanctions risks associated with ransomware payments”—almost one year after issuing the first such guidance—and simultaneously imposed sanctions on SUEX, a virtual currency exchange accused of... -
OFAC Issues Sanctions Compliance Program Guidance
The Office of Foreign Assets Control (OFAC) administers and enforces U.S. economic sanctions programs in accordance with U.S. national security and foreign policy. OFAC had not previously published guidance addressing essential elements for an effective sanctions compliance program (SCP). It has now done so. Specifically, on May 2, 2019, OFAC published guidance entitled “A Framework...