Key Takeaways The CHIPS Program Office of the U.S. Department of Commerce's National Institute of Standards and Technology (“NIST”) proposed a rule that describes the expected procedure for reviewing outbound investments...more
In a recent judgment, the English High Court for the first time ruled on a sanctions de-listing case under Section 38 of the Sanctions and Anti-Money Laundering Act 2018 (“SAMLA”). Following the UK’s departure from the EU,...more
In 2022, the US, UK and EU all escalated their sanctions enforcement rhetoric. For example, senior US enforcement officials went so far as to describe sanctions as “the new FCPA” (referring to the US. Foreign Corrupt...more
2/17/2023
/ Civil Sanctions ,
Compliance ,
Economic Sanctions ,
Enforcement ,
EU ,
Liability ,
Office of Financial Sanctions Implementation (OFSI) ,
Office of Foreign Assets Control (OFAC) ,
Policies and Procedures ,
Russia ,
UK ,
Ukraine
The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a proposed rule (Proposed Rule) on December 15, 2022, implementing the requirements of Section 6403 of the Corporate Transparency Act (Act)...more
Since February 2022, the United States, United Kingdom, and European Union have imposed unprecedented economic sanctions on Russia and various Russian entities and individuals in response to the war in Ukraine.
Actions have...more
12/19/2022
/ Asset Freeze ,
Department of Justice (DOJ) ,
Economic Sanctions ,
Enforcement ,
EU ,
Export Controls ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Investment ,
Good Faith ,
Imports ,
Maritime Transport ,
Office of Financial Sanctions Implementation (OFSI) ,
Office of Foreign Assets Control (OFAC) ,
Oil & Gas ,
Popular ,
Russia ,
Safe Harbors ,
SDN List ,
U.S. Treasury ,
UK ,
Ukraine
The Biden Administration made clear in its recently released National Security Strategy (the “National Security Strategy”) that it intends to take new and aggressive approaches to protect U.S. national security.
The U.S....more
12/7/2022
/ Biden Administration ,
Bureau of Industry and Security (BIS) ,
CFIUS ,
China ,
Department of Defense (DOD) ,
International Trade ,
Investment ,
National Security ,
ODNI ,
Semiconductors ,
Trade Policy ,
U.S. Commerce Department
The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) on September 29, 2022 issued a final rule (Final Rule) defining and implementing the beneficial ownership reporting requirements of Section 6403...more
12/1/2022
/ Anti-Money Laundering ,
Beneficial Owner ,
Commodity Exchange Act (CEA) ,
Corporate Transparency Act ,
Final Rules ,
Financial Institutions ,
FinCEN ,
Investment Advisers Act of 1940 ,
Investment Company Act of 1940 ,
Limited Liability Company (LLC) ,
Ownership Interest ,
Pooled Investment Vehicles ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934
On September 15, 2022, President Biden issued an Executive Order (the “CFIUS EO”) that provides clear signals to dealmakers regarding areas of heightened interest to the Committee on Foreign Investment in the United States...more
9/19/2022
/ Artificial Intelligence ,
CFIUS ,
China ,
Clean Energy ,
Cybersecurity ,
Due Diligence ,
Executive Orders ,
FIRRMA ,
Foreign Investment ,
National Security ,
Semiconductors ,
Supply Chain
The U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) on August 8, 2022, imposed sanctions against the popular decentralized virtual currency mixer Tornado Cash alleging that it has been used to launder...more
9/16/2022
/ AML/CFT ,
Blockchain ,
Cyber Crimes ,
Data Privacy ,
Decentralized Finance (DeFi) ,
Ethereum ,
Financial Transactions ,
International Emergency Economic Powers Act (IEEPA) ,
Money Laundering ,
Office of Foreign Assets Control (OFAC) ,
Ransomware ,
Sanctions ,
SDN List ,
State Sponsors of Cyberattacks ,
U.S. Treasury ,
Virtual Currency ,
Wire Transfers
Key Takeaways -
The U.S. Congress (“Congress”) is considering the establishment of a new Committee on National Critical Capabilities (“CNCC”) to review and potentially mitigate or block outbound investments from the United...more
Background CFIUS is an interagency committee, principally comprising of nine members and chaired by the Secretary of the Treasury, which has broad powers to review foreign investments in and acquisitions of U.S. businesses to...more
Key Takeaways -
A judge has issued an opinion in a first-of-its-kind criminal sanctions case involving the use of virtual currency to evade U.S. economic sanctions. The opinion reinforces the Treasury Department’s position...more
The national security and foreign direct investment (“FDI”) review landscape around the world is evolving rapidly. A pre-pandemic trend of active FDI reviews in countries around the world has gained momentum and resulted in...more
Background -
CFIUS is an interagency committee, principally comprising nine members and chaired by the Secretary of the Treasury, which has broad powers to review foreign investments in and acquisitions of U.S. businesses...more
At a New York City Bar Association event on April 27, Deputy Attorney General Lisa Monaco described economic sanctions as “the new FCPA.” Her characterization should put corporate compliance departments on notice. ...more
5/6/2022
/ Anti-Corruption ,
Compliance Management Systems ,
Corruption ,
Department of Justice (DOJ) ,
Economic Sanctions ,
Enforcement Actions ,
Export Controls ,
FCPA Guidance ,
Foreign Corrupt Practices Act (FCPA) ,
Internal Controls ,
Military Conflict ,
Policies and Procedures ,
Russia ,
Ukraine ,
White Collar Crimes
Russia continues to introduce restrictive and other measures following the imposition of sanctions by the USA, EU, UK and other countries on Russia....more
3/14/2022
/ Counter Sanctions ,
Debt ,
Economic Sanctions ,
Financial Transactions ,
Foreign Corporations ,
Foreign Persons ,
Foreign Policy ,
Foreign Relations ,
Information Technology ,
International Trade ,
Russia ,
Ukraine
In response to the economic sanctions and export controls imposed on Russia by the US, EU, UK and other major economies, Russia imposed measures and countermeasures....more
Background As noted in our prior update, the United States, European Union and United Kingdom imposed a number of sanctions in connection with Russia’s recognition of the Donetsk and Luhansk regions of Ukraine. ...more
2/28/2022
/ Asset Freeze ,
Biden Administration ,
Economic Sanctions ,
EU ,
Export Controls ,
Financial Transactions ,
Foreign Policy ,
Foreign Relations ,
Foreign Trade Regulations ,
General Licenses ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
UK ,
Ukraine ,
Vladimir Putin
Russia's Actions -
On February 21, 2022, Russian President Vladimir Putin signed two executive orders recognizing the DNR/LNR Regions as “sovereign and independent states.”...more
2/23/2022
/ Biden Administration ,
Blocked Person ,
Critical Infrastructure Sectors ,
Economic Sanctions ,
Enforcement Priorities ,
Export Controls ,
Financial Transactions ,
Foreign Policy ,
Foreign Relations ,
Foreign Trade Regulations ,
General Licenses ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
SDN List ,
Ukraine ,
Vladimir Putin
On February 15, 2022, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) published an initial set of regulations to implement sanctions targeting investments in Chinese Military-Industrial Complex...more
As concerns continue to build between Russia and the West over the situation in Ukraine, the United States, the European Union, and the United Kingdom are preparing measures that could be utilized if diplomacy is...more
The United States, Russia, the North Atlantic Treaty Organization (“NATO”) and the Organization for Security and Co-operation in Europe (“OSCE”) held a series of talks this week aimed at de-escalating the situation at the...more
1/14/2022
/ CAATSA ,
Economic Sanctions ,
Financial Services Industry ,
Financial Transactions ,
Foreign Policy ,
International Relations ,
Legislative Agendas ,
NATO ,
Proposed Legislation ,
Regulatory Agenda ,
Russia ,
SDN List ,
Sovereign Debt ,
SWIFT ,
Ukraine ,
US Trade Policies
On December 7, 2021, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) proposed new regulations (“Proposed Regulations”) defining and implementing the beneficial ownership reporting...more
12/23/2021
/ Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Financial Crimes ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Transactions ,
FinCEN ,
Money Laundering ,
Proposed Regulation ,
Regulatory Requirements
The Financial Action Task Force ("FATF"), the global money laundering and terrorist financing (“ML/TF”) watchdog, recently issued updated guidance related to compliance risks resulting from activities involving Virtual Assets...more
12/22/2021
/ Anti-Money Laundering ,
Decentralized Finance (DeFi) ,
Digital Assets ,
FATF ,
Financial Services Industry ,
Guidance Update ,
Money Laundering ,
Non-Fungible Tokens (NFTs) ,
Peer-to-Peer ,
Regulatory Oversight ,
Risk-Based Approaches ,
Stablecoins ,
Virtual Currency
Key Takeaways -
Historically, the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”) did not provide country-wide exemptions from applicable regulations governing national security reviews...more