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Russia Sanctions: Where Are We Now and What Could Be Next?

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

International Trade in Context: The U.S. Government’s National Security Strategy and its Approach to Trade with China

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

Ask Not What CFIUS Can Do For You – Ask What You Can Do For CFIUS

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

OFAC Sanctions Virtual Currency Mixer Tornado Cash

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

Proposed Outbound Investment Review Legislation Has Sweeping Extraterritorial Scope

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

Highlights from Recent CFIUS Annual Report

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

“WRONG”: U.S. Court Affirms Sanctions Risks in Virtual Currency Transactions

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 Evolving Global Foreign Direct Investment and National Security Review Landscape

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

CFIUS: Recent Developments and Topics to Monitor

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

Sanctions are “the New FCPA”: A Heightened Focus for DOJ Enforcement

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

Further Measures Adopted by Russia in Response to Sanctions

Russia continues to introduce restrictive and other measures following the imposition of sanctions by the USA, EU, UK and other countries on Russia....more

Russia Imposes a Series of Measures and Countermeasures to Address the Economic Impact of Sanctions

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

US, EU and UK Impose Unprecedented Sanctions Against Russia

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

Department of Justice “China Initiative” Dead in Name, Alive in Substance

On February 23, 2022, the Department of Justice announced that it would no longer be grouping cases under the "China Initiative" rubric, citing the "harmful perception" of racial or ethnic bias the use of that nomenclature...more

OFAC Interim Regulations Targeting Chinese Military Companies Have Limited Current Impact

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

U.S. Readies Export Controls Against Russia

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

U.S. Readies Sanctions Against Russia Related to Ukraine Crisis

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

FATF Updates Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers

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

CFIUS Provides Additional Time for Countries to Qualify as “Excepted Foreign States”

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

Federal Court Rejects DOJ’s Novel and Extraterritorial Effort To Extend FCPA Jurisdiction to Foreign Agents

The United States District Court for the Southern District of Texas recently recognized new constitutional and extraterritorial limits on the FCPA. In an order entered November 10, 2021, the court held that it lacked...more

OFAC Issues Sanctions Guidance on Virtual Currencies and Ransomware

In recent weeks, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) has issued guidance regarding both virtual currency and ransomware, demonstrating the agency’s enforcement priorities and compliance...more

The Pandora Papers and the Heightened Importance of “Knowing Your Customer”

Key Takeaways - On October 3, 2021, the International Consortium of Investigative Journalists released the “Pandora Papers,” which expose the use by political leaders, billionaires, and others of offshore entities in an...more

CFIUS Releases 2020 Annual Report to Congress

Key Takeaways - On July 26, 2021, the U.S. Treasury Department, as chair of the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”), published its Annual Report to Congress on key activities,...more

U.S. Modifies and Solidifies Sanctions on Investments in Certain Chinese Companies

On June 3, 2021, President Biden issued an Executive Order to modify sanctions initially imposed by former President Trump regarding investments in Chinese companies with alleged ties to the Chinese military. The new...more

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