Foreign Investment Reviews of Distressed Assets -
As discussed in detail in our previous Client Alert, on February 13, 2020, the Committee on Foreign Investment in the United States (“CFIUS”) issued two Final Rules...more
8/27/2020
/ Bankruptcy Code ,
CFIUS ,
Convertible Debt ,
Cybersecurity ,
Debt Restructuring ,
Distressed Assets ,
Final Rules ,
FIRRMA ,
Foreclosure ,
Foreign Investment ,
National Security ,
Popular ,
Real Estate Investments ,
Safe Harbors
On May 1, 2020, President Donald J. Trump signed Executive Order 13920 declaring a national emergency regarding threats posed to the U.S. bulk-power system by electrical equipment supplied by “foreign adversaries.” (BPS EO)...more
5/11/2020
/ Bulk Electric System ,
CFIUS ,
China ,
Department of Energy (DOE) ,
Electricity ,
Energy Sector ,
Executive Orders ,
Foreign Adversaries ,
Foreign Suppliers ,
Huawei ,
Infrastructure ,
International Emergency Economic Powers Act (IEEPA) ,
National Security ,
NDAA ,
Proposed Rules ,
Russia ,
Telecommunications
On March 4, 2020, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”) announced its assessment of a civil monetary penalty totaling $450,000 against Michael LaFontaine, a former Chief Operational...more
In the past, sanctioned jurisdictions like Venezuela have embraced virtual currency as a way to bypass channels that involve U.S. dollars, blunting the impact of U.S. economic sanctions policies aimed at isolating those...more
3/12/2020
/ Anti-Money Laundering ,
Bitcoin ,
Blockchain ,
Cryptocurrency ,
Cyber Crimes ,
Cybersecurity ,
Department of Justice (DOJ) ,
International Emergency Economic Powers Act (IEEPA) ,
Iran ,
Law Enforcement ,
National Security ,
North Korea ,
Office of Foreign Assets Control (OFAC) ,
U.S. Treasury ,
Virtual Currency
The Financial Action Task Force (“FATF”) held its 31st plenary meeting during February 19-21, 2020. Among other things, the FATF classified Iran as a “high-risk jurisdiction” and called for certain countermeasures to be...more
3/4/2020
/ AML/CFT ,
Blocking Statutes ,
EU ,
FATF ,
Financial Action Task Force ,
FinCEN ,
High-Risk Countries ,
Iran ,
Money Laundering ,
New Regulations ,
Terrorist Financing Regulations
On February 13, 2020, two Final Rules issued by the Committee on Foreign Investment in the United States’ (“CFIUS”) implementing most of the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”) became...more
On December 13, 2019, the Department of Justice (“DOJ”) released an updated Export Control and Sanctions Enforcement Policy for Business Organizations (“Policy”), revising the prior policy governing voluntary self-disclosures...more
1/17/2020
/ Department of Justice (DOJ) ,
Export Control Reform Act (ECRA) ,
Export Controls ,
Exports ,
FCPA Corporate Enforcement Policy (CEP) ,
Foreign Corrupt Practices Act (FCPA) ,
Internal Investigations ,
International Emergency Economic Powers Act (IEEPA) ,
International Sales ,
Non-Prosecution Agreements ,
Regulatory Requirements ,
Sanction Violations ,
Self-Disclosure Requirements
The Office of the U.S. Trade Representative (“USTR”) is seeking comments on whether to extend product exclusions from section 301 tariffs imposed on certain imports from China. Effective July 6, 2018, USTR imposed additional...more
On Monday December 2, 2019, the Office of the United States Trade Representative (“USTR”) posted a notice announcing that it was proposing tariffs of up to 100 percent on 63 types of goods imported from France worth...more
The Office of the U.S. Trade Representative (“USTR”) has announced an exclusion process for the additional duties imposed September 1, 2019 on a list of products (“List 4A”) pursuant to the U.S. Section 301 action against...more
Report from the 2019 Mayors’ Annual Energy Summit in Carlsbad, NM -
We attended the Mayors’ Annual Energy Summit again this year, on September 12, at the Walter Gerrells Civic Center Annex in Carlsbad, NM. The Mayors’...more
10/14/2019
/ Arbitration ,
CFIUS ,
Climate Change ,
DIFC ,
Energy Policy ,
Energy Sector ,
Energy Summit ,
Foreign Investment ,
Human Rights ,
Oil & Gas ,
Project Finance
On September 17, 2019, the Committee on Foreign Investment in the United States (“CFIUS”) published two Proposed Rules to implement most of the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”). CFIUS is an...more
9/19/2019
/ CFIUS ,
Critical Infrastructure Sectors ,
Cybersecurity ,
FIRRMA ,
Foreign Investment ,
Infrastructure ,
Personal Data ,
Personally Identifiable Information ,
Proposed Rules ,
Real Estate Transactions ,
Technology Sector
Tariffs To Be Effective On September 1, 2019 For Some Products And December 15, 2019 For Others; Certain Products Will Not Be Subject To Additional Tariffs; Product Exclusion Process To Be Implemented.
...more
On June 20, 2019, the Office of the U.S. Trade Representative (“USTR”) posted on its website a notice announcing an exclusion process for the tariffs imposed in September 2018 (“List 3”) pursuant to the U.S. Section 301...more
6/24/2019
/ China ,
Exclusions ,
Imports ,
Notice Requirements ,
Section 301 ,
Supply Chain ,
Tariffs ,
Trade Relations ,
Trump Administration ,
US Trade Policies ,
USTR
For the past several years, advocates of crypto assets and other public uses of blockchain technology have sought guidance from U.S. regulators regarding the legal implications of new or novel uses of that technology....more
5/21/2019
/ Anonymization ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Blockchain ,
BSA/AML ,
CFTC ,
Cryptocurrency ,
Digital Wallets ,
FinCEN ,
Initial Coin Offering (ICOs) ,
Money Services Business ,
New Guidance ,
Peer-to-Peer ,
Securities and Exchange Commission (SEC) ,
Virtual Currency
USTR on May 13, 2019 announced that it proposed to impose additional tariffs on products of China with an annual trade of approximately $300 billion pursuant to a Section 301 investigation commenced in August 2017 regarding...more
OFAC Provides Guidance on the Essential Components of a Risk-Based Sanctions Compliance Program -
On May 2, 2019, the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of the Treasury issued guidelines...more
5/6/2019
/ Audits ,
Bank Secrecy Act ,
Compliance ,
Economic Sanctions ,
Employee Training ,
Internal Controls ,
Office of Foreign Assets Control (OFAC) ,
Patriot Act ,
Risk Assessment ,
Sanction Violations ,
U.S. Treasury
Stepping outside of SWIFT -
Since its inception more than a decade ago, cryptocurrency has been viewed as a way to supplant traditional global methods of exchanging money. Today, as virtual currencies proliferate,...more
2/19/2019
/ Corruption ,
Cryptocurrency ,
Digital Currency ,
Economic Sanctions ,
Initial Coin Offering (ICOs) ,
International Emergency Economic Powers Act (IEEPA) ,
Iran ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
SDN List ,
Securities and Exchange Commission (SEC) ,
Self-Regulatory Organizations ,
SWIFT ,
Virtual Currency
This Enforcement Action Underscores The Risks Of Sourcing Products Without Comprehensive Supply Chain Due Diligence -
On January 31, 2019, the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of the Treasury...more
2/8/2019
/ China ,
Cosmetics ,
Due Diligence ,
Economic Sanctions ,
Enforcement Actions ,
Export Controls ,
Exports ,
Goods or Services ,
Imports ,
North Korea ,
Office of Foreign Assets Control (OFAC) ,
Supply Chain
Tariffs on $200 billion in Chinese imports were set to rise to 25% on January 1, 2019, but will remain at 10% for 90 days pending negotiations with China on “structural changes” to U.S.-China economic relationship -
On...more
In July and August, 2018 the United States Trade Representative (USTR) identified a list of 6,031 tariff lines affecting approximately $200 billion in imports from China for potential additional tariffs of 10 percent and...more
Second Group of Products To Be Subject To Additional Tariffs As A Result Of Section 301 Process; China Immediately Responds with 25 Percent Tariffs On $16 Billion of U.S. Goods -
On June 15, 2018, the United States Trade...more
President Trump Directed USTR To Consider Increasing The Proposed Additional Duty From 10 To 25 Percent “To Encourage China To Change Its Harmful Policies” -
On August 1, 2018, U.S. Trade Representative (USTR) Robert...more
On July 15, the United States and the EU issued a joint statement that appears to delay (and possibly avoid) additional U.S. tariffs on EU automobiles and automotive parts, at least for the time being. The U.S. Department of...more
Comments Sought By August 17, 2018 On List Of Over 6,000 Potentially Affected Tariff Lines -
The U.S. Trade Representative (USTR) has announced a new list of products imported from China that it proposes would be subject...more