The Office of Foreign Assets Control revised its Cuba sanctions this week to loosen restrictions on a range of activities and transactions, including for certain financial and internet services. Some changes will allow certain Cuban nationals to open and remotely use U.S. bank accounts and will authorize certain Cuba-related remittances and payments that were restricted by the Trump administration.
Social Media
Social media platforms are facing intense scrutiny over how they collect, share and monetize user data. As new state and federal laws focus on age verification, parental controls and transparency requirements, social media companies face legal risks around algorithmic targeting, third-party tracking and children's safety. This page follows key legislation, investigations and lawsuits shaping privacy practices for major social platforms.
The Treasury Department’s Financial Crimes Enforcement Network issued a new advisory this week to alert industry about the ways Iran-backed terrorist organizations are illegally circumventing or using the international financial system to raise, move and spend money. The advisory also includes a list of red flags to help banks and other financial institutions catch suspicious activity that may be linked to those groups.
TikTok asked the U.S. Court of Appeals for the District of Columbia Circuit May 7 to overturn a recently enacted law that will ban the popular social media application in the United States if China’s ByteDance doesn't sell the app to an entity that isn’t controlled by a foreign adversary.
Turkey has suspended trade with Israel because of the country’s ongoing military action in Gaza, Turkey’s trade ministry announced last week, according to an unofficial translation. It said it has “decided to move to a new phase in economic relations with Israel,” including restrictions on exports and imports, until Israel reaches a “permanent ceasefire” with Hamas and allows “uninterrupted access of aid” to Gaza.
President Joe Biden signed into law April 24 a wide-ranging national security bill that will, among other things, ban TikTok in the U.S. if China’s ByteDance doesn't sell the popular social media application to an entity that isn’t controlled by a foreign adversary (see 2404220041 and 2404180020).
The Senate on April 23 plans to begin considering a House-passed bill that would ban TikTok in the U.S. unless China’s ByteDance divests the popular social media application (see 2404180020).
Senate Commerce Committee Chair Maria Cantwell, D-Wash., announced late April 17 that she supports a newly modified House proposal that would ban TikTok in the U.S. unless China’s ByteDance divested the popular social media application.
The U.S. has no plans to remove sanctions from Iranian technology company ArvanCloud (see 2306020020) after it was delisted by the EU earlier this month, a State Department spokesperson said.
Senate Minority Leader Mitch McConnell, R-Ky., said April 8 that Congress should require China’s ByteDance to divest TikTok because the popular social media application is "beholden to our foremost strategic competitor."
When the Senate returns from its two-week recess on April 8, it will have an opportunity to “work on a path forward on TikTok legislation” in addition to addressing a host of other matters, Senate Majority Leader Chuck Schumer, D-N.Y., said April 5 in a “Dear Colleague” letter.