Regulators have sent numerous messages that companies who source from abroad need to subject their entire supply chain to extensive due diligence, based on state-of-the-art compliance measures to minimize supply chain risks....more
Record penalties for violations of U.S. regulations governing international conduct and transactions illustrate the risk of costly enforcement actions facing multinational companies. Yet, many multinational companies lack...more
11/30/2023
/ Anti-Corruption ,
Compliance ,
Customs ,
Economic Sanctions ,
Enforcement Actions ,
Export Controls ,
Internal Controls ,
International Regulatory Standards ,
Office of Foreign Assets Control (OFAC) ,
Penalties ,
Risk Assessment ,
Risk Mitigation ,
SDN List ,
Supply Chain ,
UK Bribery Act ,
USML
A veritable grab bag of international trade developments to parse this week. Recent developments include increasing FCPA enforcement, a record OFAC economic sanctions penalty, and a large customs penalty for willful failure...more
10/26/2023
/ Anti-Money Laundering ,
Audits ,
Compliance ,
Customs ,
Duties ,
Economic Sanctions ,
Enforcement ,
Financial Institutions ,
Foreign Corrupt Practices Act (FCPA) ,
International Trade ,
Misclassification ,
Office of Foreign Assets Control (OFAC) ,
Penalties ,
Valuation
Both enforcement agencies and consumers increasingly are focused on manufacturers’ supply chains. Human rights enforcement frameworks increasingly have real teeth. Both the United States and the European Union either have, or...more
6/8/2023
/ Compliance ,
Consumers ,
Country of Origin ,
Due Diligence ,
Enforcement ,
EU ,
Human Rights ,
Manufacturers ,
Modern Slavery Act ,
Office of Foreign Assets Control (OFAC) ,
Risk Management ,
Slavery ,
Supply Chain ,
Uyghur Forced Labor Prevention Act (UFLPA)
Recent developments include the U.S. government using novel legal theories to expand jurisdiction over banking activities outside the United States, the imposition of hundreds of millions of dollars of penalties on companies...more
As the global economy faces the third year of the pandemic, manufacturers are no longer focused on figuring out when things will return to “normal.” Instead, they are applying lessons learned from the past few years to become...more
7/7/2022
/ Artificial Intelligence ,
Audits ,
BPA ,
China ,
Climate Change ,
Compliance ,
Consumer Product Safety Commission (CPSC) ,
Copyright ,
Coronavirus/COVID-19 ,
Customs and Border Protection ,
Disclosure Requirements ,
Due Diligence ,
Environmental Social & Governance (ESG) ,
Ethics ,
False Advertising ,
Food and Drug Administration (FDA) ,
Greenhouse Gas Emissions ,
Greenwashing ,
Human Rights ,
ICFR ,
Internet of Things ,
Investment ,
Liability ,
Machine Learning ,
Manufacturers ,
Mexico ,
Model Contract Clauses ,
NLRA ,
NLRB ,
Office of Foreign Assets Control (OFAC) ,
Patents ,
PFAS ,
Popular ,
Proposed Rules ,
Remote Working ,
Risk Management ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Supply Chain ,
Supply Shortages ,
Sustainability ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
Trade Secrets ,
Unions ,
United States-Mexico-Canada Agreement (USMCA) ,
Uyghur Forced Labor Prevention Act (UFLPA)
In 2022, automotive suppliers face many of the same issues that have bedeviled the industry throughout 2021, as well as a host of all-new challenges. Unfortunately, as with many aspects of pre-pandemic life, the relative...more
3/17/2022
/ Automotive Industry ,
Biden Administration ,
Coronavirus/COVID-19 ,
Corruption ,
Department of Justice (DOJ) ,
Department of Transportation (DOT) ,
Electric Vehicles ,
Federal Trade Commission (FTC) ,
Final Rules ,
Foreign Corrupt Practices Act (FCPA) ,
Hart-Scott-Rodino Act ,
IMMEX ,
Infrastructure Investment and Jobs Act (IIJA) ,
Mexico ,
Motor Vehicles ,
National Security ,
NHTSA ,
Notice of Proposed Rulemaking (NOPR) ,
OEM ,
Office of Foreign Assets Control (OFAC) ,
OMB ,
Supply Chain ,
Supply Shortages ,
U.S. Treasury ,
Vertical Mergers
Beginning on February 24, 2022, the U.S. Department of the Treasury Office of Foreign Assets Control (OFAC) and the U.S. Department of State imposed several successive waves of economic sanctions on Russia following the...more
3/3/2022
/ Australia ,
Belarus ,
Bureau of Industry and Security (BIS) ,
Compliance ,
Economic Sanctions ,
EU ,
Executive Orders ,
Export Controls ,
Financial Institutions ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
SDN List ,
SWIFT ,
Switzerland ,
UK ,
Ukraine
Earlier this week, the United States, the European Union, Britain, and Canada imposed sanctions on several Chinese officials for human rights abuses against the Uyghur minority in China’s Xinjiang Uyghur Autonomous Region...more
3/25/2021
/ Canada ,
China ,
Economic Sanctions ,
EU ,
Exports ,
Forced Labor ,
Human Rights ,
Office of Foreign Assets Control (OFAC) ,
U.S. Commerce Department ,
U.S. Treasury ,
UK
...Think your company and its employees are beyond the reach of U.S. authorities? Maybe you don’t have U.S. operations there, or your company isn’t publicly traded on a U.S. stock exchange. Perhaps you don’t directly sell or...more
6/2/2020
/ Anti-Bribery ,
Anti-Competitive ,
Antitrust Violations ,
Business Operations ,
Conspiracies ,
Copyright ,
Department of Justice (DOJ) ,
Enforcement ,
Exports ,
Federal Trade Commission (FTC) ,
Foreign Corrupt Practices Act (FCPA) ,
Imports ,
International Trade Commission (ITC) ,
Jurisdiction ,
Office of Foreign Assets Control (OFAC) ,
Patents ,
Sherman Act ,
Trademarks
Over the last three years, the current administration has imposed the largest export controls penalty, the second-largest economic sanctions penalty, and four of the ten largest anti-bribery penalties of all time, signaling...more
With the Trump administration having put in place the largest export controls penalty of all time, the second-largest economic sanctions/OFAC penalty, and five of the ten largest FCPA penalties, international regulatory risk...more
6/13/2019
/ Chief Compliance Officers ,
Compliance ,
Due Diligence ,
Enforcement ,
Export Administration Regulations (EAR) ,
Foreign Corrupt Practices Act (FCPA) ,
International Trade ,
Multinationals ,
Office of Foreign Assets Control (OFAC) ,
Regulatory Standards ,
Risk Management ,
Supply Chain
Welcome to Foley’s new Manufacturing MarketTrends newsletter. In each edition, we will highlight key trends to watch out for in 2019, making it a year of change for manufacturers. ...more
4/18/2019
/ China ,
Cybersecurity ,
Due Diligence ,
Economic Sanctions ,
Manufacturers ,
North Korea ,
Office of Foreign Assets Control (OFAC) ,
Section 301 ,
Supply Chain ,
Tariffs ,
US Trade Policies
Regulators within the Trump administration have sent a loud message that should concern all multinational automotive companies: laws governing international activities continue to be the subject of intense enforcement...more
5/25/2018
/ Anti-Corruption ,
Automotive Industry ,
Department of Justice (DOJ) ,
Economic Sanctions ,
Enforcement Actions ,
Export Administration Regulations (EAR) ,
Export Controls ,
Extraterritoriality Rules ,
Foreign Corporations ,
Foreign Corrupt Practices Act (FCPA) ,
ITAR ,
Joint Comprehensive Plan of Action (JCPOA) ,
Office of Foreign Assets Control (OFAC) ,
Risk Assessment ,
Risk Management ,
SDN List ,
Securities and Exchange Commission (SEC) ,
Supply Chain ,
Trade Policy ,
Trump Administration
An open question coming into 2017 was whether the aggressive enforcement posture that had characterized the Obama and Bush administrations would continue under the Trump administration. Any questions were answered with the...more
3/19/2018
/ Anti-Bribery ,
Anti-Corruption ,
Automotive Industry ,
Department of Justice (DOJ) ,
Disclosure Requirements ,
Enforcement Actions ,
Exports ,
Extraterritoriality Rules ,
Foreign Corrupt Practices Act (FCPA) ,
Joint Comprehensive Plan of Action (JCPOA) ,
Manufacturers ,
Multinationals ,
NAFTA ,
National Security ,
Office of Foreign Assets Control (OFAC) ,
Sanctions ,
Tariffs ,
Trade Policy ,
Trump Administration
The election of President Trump contained some positive signs for Private Equity (PE) fund managers. These included potential lower corporate taxes, a ten-percent tax holiday for funds parked overseas, large infrastructure...more
4/15/2017
/ Anti-Money Laundering ,
Antitrust Violations ,
CFIUS ,
Criminal Penalties ,
Cybersecurity ,
Dodd-Frank ,
Economic Sanctions ,
Enforcement Actions ,
Export Administration Regulations (EAR) ,
Foreign Corrupt Practices Act (FCPA) ,
Fund Managers ,
NAFTA ,
Office of Foreign Assets Control (OFAC) ,
Personal Liability ,
Portfolio Companies ,
Privacy Laws ,
Private Equity ,
Risk Assessment ,
Supply Chain ,
Trump Administration ,
Whistleblowers ,
Yates Memorandum
The election of President Trump contained more than a few positive signs for Private Equity (PE) firms. Promises of a lower corporate tax environment, a ten-percent tax holiday for funds parked overseas, large infrastructure...more
3/6/2017
/ Anti-Money Laundering ,
Antitrust Violations ,
CFIUS ,
Corporate Taxes ,
Cybersecurity ,
Data Privacy ,
Dodd-Frank ,
Due Diligence ,
Export Administration Regulations (EAR) ,
Export Controls ,
Foreign Corrupt Practices Act (FCPA) ,
Foreign Investment ,
ITAR ,
NAFTA ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Portfolio Companies ,
Private Equity ,
Repeal ,
Risk Assessment ,
Risk Mitigation ,
Trump Administration ,
Whistleblowers
The Trump administration has vowed to bring jobs back to the states. One of the methods it appears it’ll take advantage of is continued, aggressive enforcement of U.S. laws governing exports and international conduct....more
3/1/2017
/ Automotive Industry ,
Economic Sanctions ,
Enforcement Actions ,
Export Controls ,
Extraterritoriality Rules ,
False Claims Act (FCA) ,
Foreign Corrupt Practices Act (FCPA) ,
Free Trade Agreements ,
Job Creation ,
Office of Foreign Assets Control (OFAC) ,
Publicly-Traded Companies ,
Supply Chain ,
Trade Policy ,
Trump Administration
Enforcement activity under the Obama administration often made headlines for the eye-popping level of fines, with the Foreign Corrupt Practices Act (FCPA), Anti-Money Laundering (AML) regulations, and economic sanctions...more
2/11/2017
/ Affordable Care Act ,
Anti-Corruption ,
Anti-Money Laundering ,
Attorney General ,
Bribery ,
CFIUS ,
Civil Monetary Penalty ,
Compliance ,
Corporate Crimes ,
Corporate Misconduct ,
Criminal Penalties ,
Criminal Prosecution ,
Cybersecurity ,
Cybersecurity Information Sharing Act (CISA) ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
Dual Use Goods ,
Economic Sanctions ,
Employee Training ,
Enforcement Actions ,
Export Administration Regulations (EAR) ,
Export Controls ,
Extraterritoriality Rules ,
False Claims Act (FCA) ,
FBI ,
Financial Fraud ,
Foreign Corrupt Practices Act (FCPA) ,
Healthcare Fraud ,
Internal Audit Functions ,
Internal Controls ,
ITAR ,
Multinationals ,
NAFTA ,
Office of Foreign Assets Control (OFAC) ,
Political Appointments ,
Risk Management ,
Risk Mitigation ,
Securities and Exchange Commission (SEC) ,
Terrorist Financing Regulations ,
Trump Administration ,
U.S. Commerce Department ,
Whistleblower Awards ,
White Collar Crimes ,
Yates Memorandum
Changes Authorize Certain Transactions by Foreign-Incorporated Companies -
On January 16, 2016, the U.S. Treasury Department eased economic sanctions on Iran and issued new licenses authorizing three new categories of...more
The penalties for compliance missteps have never been higher — particularly in the international regulatory context. As the record-setting penalties against BNP Paribas (nearly $9 billion in penalties for violations of...more
New Rules Open Opportunities for Exports, Financial Services, and Travel-
On January 16, 2014, the U.S. Treasury Department issued new sanctions regulations easing the 54-year old Cuban embargo. Coming in the wake of...more
1/22/2015
/ Amended Regulation ,
Banking Sector ,
Barack Obama ,
Bureau of Industry and Security (BIS) ,
Cuban Assets Control Regulations (CACR) ,
Embargo ,
Executive Orders ,
Export Controls ,
Exports ,
Imports ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Sanctions ,
Telecommunications ,
Trade Relations ,
Travel Permits ,
U.S. Treasury
President Obama recently announced steps to ease the 54-year old embargo on Cuba and begin to restore diplomatic relations. The following frequently asked questions examine key issues from a policy and business...more