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OFAC Issues Updated General License 8G Extending Authorization of Transactions with PdVSA for Five Petroleum Companies

USA - November 20 2020 On November 17, 2020, OFAC issued Venezuela General License 8G, “Authorizing Transactions Involving Petróleos de Venezuela, S.A. (PdVSA) Necessary…

Responding to the US Treasury Department’s Information Requests: The Hong Autonomy Act and Beyond

Hong Kong, USA - November 19 2020 The US Treasury Department, or presumably, its Office of Foreign Assets Control (“OFAC”), is expected to issue a report by mid-December under Section…

Provisional Agreement Reached on Review of EU Dual-Use Regulation, Including Rules on Cyber-Surveillance Items

European Union, Germany - November 16 2020 On 9 November the German Presidency of the Council of the EU and representatives of the European Parliament reached a provisional political agreement…

Executive Order Prohibits US Persons from Buying Securities of Chinese Military Companies as of January 11, 2021

China, USA - November 13 2020 On November 12, 2020, the White House issued an Executive Order (“EO”), “Addressing the Threat from Securities Investments that Finance Communist…

The Joy of Sanctions: OFAC Paints Picture of High-Risk Artworks

USA - November 10 2020 On October 30, 2020, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued an advisory on potential sanctions risks…

The Rise of Reports Of Sanctions Breaches In The UK

European Union, United Kingdom - November 9 2020 In its 2019-2020 Annual Report (the Report), the UK’s sanctions office (the UK Office of Financial Sanctions Implementation (OFSI)) revealed that…

World Bank Purports to Move From “Stick” to “Carrot” Approach on Compliance

Global - October 30 2020 In a recent roundtable as part of the World Bank Office of Suspension and Debarment’s Fifth International Debarment Colloquium, panelist Joseph Mauro…

European Commission proposes Magnitsky-style sanctions framework

European Union - October 22 2020 On October 19 the European Commission and the High Representative of the EU for Foreign Affairs and Security Policy put forward a Joint Proposal for…

UK Government Moves to Strengthen and Expand Measures for Tackling Modern Slavery in Supply Chains

European Union, United Kingdom - October 15 2020 Following recent US regulations aimed at addressing forced labour issues in China, the UK government has published a series of proposed amendments to…

Update: Hong Kong Financial Institutions Face U.S. Secondary Sanctions after State Department Issues First Report under Hong Kong Autonomy Act

Hong Kong, USA - October 15 2020 On October 14, 2020, the U.S. State Department issued a much-anticipated report pursuant to Section 5(a) of the Hong Kong Autonomy Act (HKAA)…