The Financial Crimes Enforcement Network warned this week about the risks posed to the American financial system by Chinese money laundering networks, urging banks to be “vigilant” in looking out for sanctioned Mexican drug cartels and other designated terrorist groups that may be using those networks.
Three House Democrats introduced a bill Aug. 22 that would require Congress, not just the executive branch, to approve the sale of certain advanced AI chips to China.
The State Department labeled the Balochistan Liberation Army a Foreign Terrorist Organization and added several aliases to its existing entry as a Specially Designated Global Terrorist (see 1907020042), it said in Federal Register notices released this week. The additional aliases are Majeed Brigade, Fateh Squad and Zephyr Intelligence Research and Analysis Bureau. The Office of Foreign Assets Control updated its sanctions entry for the group to reflect the change.
A bill to mandate location-tracking mechanisms for exports of advanced chips was panned this week by technology policy experts who said the requirement would be tricky to implement and could push foreign customers to stop trusting American-made semiconductors. They also said Congress should be more focused on boosting the Bureau of Industry and Security budget to help the agency step up enforcement.
The Bureau of Industry and Security fined a California semiconductor developer and supplier $4.25 million for violating U.S. export controls against Huawei, saying it illegally forwarded more than 1,500 power controllers, smart power stages and related accessories to the Chinese company without a license.
The Bureau of Industry and Security could streamline and strengthen its export license review process by improving its information sharing with other agencies involved in the process, especially the Defense, Energy and State departments, according to a new report by the Government Accountability Office.
Organizations complying with Australian anti-money laundering and counterterrorism financing rules may soon be required to carry out certain sanctions screening procedures to make sure they’re not violating the country’s sanctions laws.
The Federal Maritime Commission is reorganizing some of its functions by "revising certain delegations of authority from the Commission, updating descriptions of organization components, and making minor related technical amendments," it said in a Federal Register notice scheduled to take effect June 20.
As the Bureau of Industry and Security asks for more funding from Congress to improve its enforcement and technological capabilities, the agency could benefit from more information about controlled exports leaving third countries, said Matt Borman, a former senior BIS official. He also stressed the importance of the U.S. carefully calibrating any new export controls, and said its current semiconductors restrictions have successfully slowed China from producing the most advanced chips.
The Trump administration released more details about the conditions for Japan-based Nippon Steel's purchase of U.S. Steel, which Trump said would result in a $14 billion investment in the U.S. economy while keeping the American company headquartered in the U.S. (see 2505230075).