A DOJ indictment unsealed this week charges three Russians with export control violations after the agency said they illegally bought more than $225,000 worth of U.S. microelectronics, hiding from American exporters that the items were destined for the Russian military.
The U.K. this week issued new guidance to mark the official launch of the Office of Trade Sanctions Implementation, a new agency that it said will boost the country’s powers to investigate, catch and penalize Russia-related sanctions evaders and others who breach U.K. trade controls outside the country (see 2409130015).
New export compliance guidance issued by the Bureau of Industry and Security outlines the agency’s due diligence expectations for financial institutions and warns that companies that “self-blind” to red flags could face penalties.
Oregon-based aerospace parts manufacturer Precision Castparts Corp. was fined $3 million after the State Department said its subsidiary illegally shared technical data with employees who were foreign nationals of Mexico, El Salvador, Honduras, Bhutan, Peru and Burundi, violating U.S. defense export controls.
Export Compliance Daily is providing readers with the top stories from last week in case you missed them. You can find any article by searching for the title or by clicking on the hyperlinked reference number.
The Office of Foreign Assets Control this week made several revisions to a May rule that updated its reporting, procedures and penalties regulations (see 2405080023), and offered guidance on how banks and their customers should treat cases in which a bank accidentally blocks funds because of mistaken identity or other errors.
The U.S. is increasingly expecting companies to monitor government guidance as well as export violations committed by others, and to use those cases as “lessons learned” to improve their own compliance programs, lawyers said this week.
As EU member states prepare to vote this week on new tariffs for Chinese electric vehicles, a German trade official and auto industry representative said they believe the EU and China can still reach a “political” agreement to work through their issues and avoid the punitive duties, which they say would harm EU consumers and European car manufacturers that have factories in China.
The U.K.’s financial oversight agency fined Starling Bank nearly 28 million pounds, or almost $40 million, for a “shockingly lax” set of screening controls that led it to onboard thousands of “high-risk” customers with possible ties to sanctions.
Export Compliance Daily is providing readers with the top stories from last week in case you missed them. You can find any article by searching for the title or by clicking on the hyperlinked reference number.