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OFAC

The Treasury Department’s Office of Foreign Assets Control administers and enforces U.S. economic and trade sanctions targeting countries, entities and individuals that pose national security or foreign policy concerns. OFAC regulations impose restrictions on transactions, blocked property and dealings with sanctioned parties and carry significant civil and criminal penalties. This section covers regulatory updates, enforcement actions and policy guidance affecting companies engaged in international trade and financial activity.

 

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President Details First Steps Towards Implementation of Export Control Reform
August 31, 2010 by Marie Rapport|Exports, OFAC and DoD

The White House has posted remarks that the President will deliver via videotape to the Bureau of Industry and Security’s Annual Export Controls Update Conference that began on August 31, 2010. In addition, the White House has posted a press release regarding the Administration’s export control reform efforts. Both the remarks and press release provide additional details of the Administration’s first steps toward implementation of export control reform.

China Working on Draft Law on Food and Grain
August 31, 2010 by Marie Rapport|International Sources

GOV.cn reported on August 27, 2010 that China is enacting various measures, such as increasing its annual grain harvest and creating new grain safety legislation, to ensure a food-secure society, according to Zhang Ping, minister in charge of the National Development and Reform Commission (NDRC). Zhang stated that the NDRC and other food administrative agencies were working together in a draft law on food and grain. Zhang also stated that China has established a preliminary emergency response system for grain safety, strengthening the production, storage, transportation and distribution of food and grain during emergency situations.