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The PT Law Blog

Reminder: FinCEN CISADA Iran Sanctions Comments Due June 1

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Monday, 23 May 2011 19:48

Last month, the U.S Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) proposed regulations to implement new reporting requirements by U.S. financial institutions pursuant to the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (CISADA). 

The proposed regulations would work in tandem with other financial provisions of CISADA to isolate financial institutions designated by the U.S. Government in connection with Iran's proliferation of weapons of mass destruction (WMD) or delivery systems for WMD, or in connection with its support for international terrorism.

Read more... [Reminder: FinCEN CISADA Iran Sanctions Comments Due June 1]
 

U.S. Government Amends the Commerce Control List

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Friday, 20 May 2011 13:09

The U.S. Department of Commerce, Bureau of Industry and Security (BIS) maintains the Commerce Control List (CCL), which identifies items subject to U.S. export controls under the jurisdiction of the Department of Commerce.

In today's Federal Register, BIS published a Final Rule that revises the Commerce Control List (CCL) to implement changes made to the Wassenaar Arrangement's List of Dual-Use Goods and Technologies (Wassenaar List) maintained and agreed to by governments participating in the Wassenaar Arrangement on Export Controls for Conventional Arms and Dual-Use Goods and Technologies (Wassenaar Arrangement, or WA) at the December 2010 WA Plenary Meeting (the Plenary).

Read more... [U.S. Government Amends the Commerce Control List]
 

New Bipartisan Iran Sanctions Legislation Introduced in the US Congress

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Wednesday, 18 May 2011 09:33

As we enter the summer period of the Congressional session, it appears that Iran sanctions will once again be on the menu. This particular measure will be of interest to the energy and financial services sector that may have dealings with Iran.

The bill - HR 1905 - was introduced last week without much fanfare by the Chairman and Ranking Member of the House Foreign Affairs Committee; however, we expect it will receive a great deal of attention in both chambers. A companion Senate measure will be introduced in the near future.

Read more... [New Bipartisan Iran Sanctions Legislation Introduced in the US Congress]
 

UK Company Fined $79 million in US Export Controls Case

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Tuesday, 17 May 2011 15:22

The U.S. Department of State announced this morning that UK defense contractor BAE Systems plc has entered into a consent agreement to settle thousands of violations of the Arms Export Control Act (AECA) and the International Traffic in Arms Regulations (ITAR). The company has agreed to pay the largest civil penalty ever in a case such as this one, $79 million. 

Read more... [UK Company Fined $79 million in US Export Controls Case]
 

OFAC Updates SDN Watch List with Libyan Entities

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Tuesday, 17 May 2011 11:50

The US Department of the Treasury's Office of Foreign Assets Controls (OFAC) has updated the specially designated nationals (SDN) list with new Libyan entities. For more information, click here.

 

State Department publishes final ITAR Dual-Nationals Rule

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Saturday, 14 May 2011 21:51

In next Monday's edition of the Federal Register, the U.S. Department of State has published a final rule establishing a policy to address those who are unable to implement the exemption for intra-company, intra-organization, and intra-government transfers of defense articles and defense services by approved end-users to dual national and third-country nationals who are employees of such approved end-users.

Read more... [State Department publishes final ITAR Dual-Nationals Rule]
 

US Updates Libya Sanctions Watch List

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Wednesday, 11 May 2011 10:13
In today's Federal Register, the Treasury Department's Office of Foreign Assets Control ("OFAC") published additional identifying information associated with the three individuals and two entities listed in the Annex to Executive Order 13572 of April 29, 2011, "Blocking Property of Certain Persons with Respect to Human Rights Abuses in Syria."  The updates can be viewed here.
 

Export Administration Regulation Clarification

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Monday, 09 May 2011 10:11
The U.S. Department of Commerce, Bureau of Industry and Security (BIS) issued a minor Export Administration Regulations correction related to understandings reached at the most recent Australia Group Meeting. Read the Federal Register Notice here.
 

US Sanctions More Libyan Entities

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Thursday, 05 May 2011 11:54

The U.S. Department of the Treasury, Office of Foreign Assets Controls (OFAC), has added thirty new Libyan entities to the specially designated nationals sanctions watch list. According to a notice in today's Federal Register:

The Treasury Department's Office of Foreign Assets Control (“OFAC”) is publishing the names of 16 entities identified on March 15, 2011 and 14 entities identified on March 22, 2011, as persons whose property and interests in property are blocked pursuant to Section 2 of Executive Order 13566 of February 25, 2011, “Blocking Property and Prohibiting Certain Transactions Related to Libya.”

Read more... [US Sanctions More Libyan Entities]
 

Treasury's OFAC Releases Long-Awaited Cuba Travel Regulations

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Thursday, 21 April 2011 20:18

This afternoon the U.S. Department of the Treasury, Office of Foreign Assets Controls? released their updated Comprehensive Guidelines for License Applications to Engage in Travel-Related Transactions Involving Cuba to reflect changes made to U.S. policy through amendments to the Cuban Assets Control Regulations, 31 CFR Part 515. 

Read more... [Treasury's OFAC Releases Long-Awaited Cuba Travel Regulations]
 
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