The U.S. should push for export controlled semiconductors to be installed with a mechanism that would automatically bar those chips from being used in ways that violate U.S. export restrictions, researchers said in a new report this week. They said this would significantly aid export enforcement efforts and could potentially allow compliant chip companies to sell to a broader range of customers.
The European Commission recently updated its more than 350 pages of frequently asked questions on Russia-related sanctions to provide guidance on its latest sweeping sanctions package announced in December (see 2312180070). The updated FAQs, dated Dec. 22, address how the EU will enforce new restrictions on Russian iron and steel products and their effective dates, how sanctions apply to certain divestments related to Russia, information on the EU’s new import ban on Russian diamonds and more.
The Treasury Department’s Financial Crimes Enforcement Network began accepting beneficial ownership information reports Jan. 1 as part of its new BOI reporting requirements, which are designed to help the government prevent sanctioned parties and others from hiding money or property in the U.S. FinCEN last week released a notice that outlines reporting deadlines for new and existing companies and what information must be submitted. The agency also released a set of frequently asked questions to provide guidance on the new reporting requirements, including who is responsible for filing and how FinCEN will enforce the requirements.
A congressional proposal to allow the Committee on Foreign Investment in the U.S. to reopen or alter previously mitigated transactions when national security risks have increased would discourage foreign investment in the United States, an expert at the Center for a New American Security said in written comments posted Jan. 4.
The State Department is adjusting its civil monetary penalties for inflation, the agency said in a notice released Jan. 4. The new amounts, which include revised maximum penalties for violations of the International Traffic in Arms Regulations and the Arms Export Control Act, will apply only to penalties assessed on or after Jan. 5, the agency said.
Rep. Nydia Velazquez, D-N.Y., has introduced a resolution aimed at improving U.S. relations with Latin America, including by ending all unilateral economic sanctions imposed on the region by executive order.
The leaders of the House Select Committee on China urged the Defense and Treasury departments on Jan. 4 to blacklist China-based Quectel Wireless Solutions, saying the manufacturer of Internet connectivity modules has troubling ties to the Chinese military.
Taiwan will soon expand its export controls against Russia and Belarus to align its restrictions with the U.S. and other trading partners, Taiwan’s Ministry of Economic Affairs said in a notice last week. The controls will apply to the list of 45 Harmonized System codes targeted by the U.S., the EU and others, which includes common high-priority items Russia is seeking to import for its military (see 2309200031 and 2310020023).
The State Department’s recently published fall 2023 regulatory agenda mentions rules that will update defense export controls and make other changes and clarifications to the International Traffic in Arms Regulations.
The U.K.'s Office of Financial Sanctions Implementation on Jan. 2 amended a Russia-related general license to reflect the name change of VTB Bank (Europe) SE to OWH SE. The license, issued in March 2022, authorizes certain transactions involving Russia-based VTB Capital and its subsidiaries (see 2203020019).