June - 2017

OFAC's Penalties on American International Group (AIG)

Yesterday, the U.S. Department of Treasury's OFAC has announced the settlement of amount of $148,698 with an American International Group (AIG). Since 2007, AIG has been engaged in 555 violations against sanction regulations with $396,530 as a total amount of settlement. The sanctions that were violated by AIG are: Iranian Transactions and Sanctions Regulations, Weapons of Mass Destruction Proliferators Sanctions Regulations, Sudanese Sanctions Regulations, and Cuban Assets

Updates in US Entity List

On Friday, the Bureau of Industry and Security (BIS) have updated the Export Administration Regulations (EAR) by adding ten new entities. Among these ten entries, two belong to the Crimea region of Ukraine and the remaining eight to Russia. The entities have been added with regards to the Code of Federal Register § 744.11, which is the License requirements that apply to entities acting contrary to the national security or foreign policy interests of the United States of the E

Implementation of the 4th EU Money Laundering Directive into national law

We would like to inform our customers that the implementation of the 4th EU Money Laundering Directive in Germany is imminent. Enacted on 25 June 2015, and will be in full fledged implementation by 26th June 2017. This law will monitor and control the "financial sector" that is carried out by BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) in Germany. The federal states are responsible for the "non-financial sector"and this sector includes: trade goods traders estate

Individuals and Entities of Russia and Ukraine are added in OFAC's List

Today, the Department of Treasury's OFAC has added 38 individuals and entities to their SDN list. 21 individuals and entities are added due to the violations of sovereignty and territorial of Ukraine pursuant to the EO.13660. 11 other individuals and entities are added specifically for violations in the Crimea region of Ukraine designated to E.O. 13685. and E.O. 13685. And the remaining six of Russian Federation designated to E.O.13661. From September 12, 2014, OFAC, under R

Economic Sanctions Enforcement Information

In 2017, the U.S. department of Treasury's OFAC has imposed huge penalties against 6 companies for both domestic and foreign and also, one individual for the total amount of : $ 102,017,526 These firms are under penalties because they have violated the laws of U.S. especially in regard to the export laws for licenses or incorrectly classified goods.For e.g., Commerce Control List (CCL) OFAC has sanctioned not only the firms who are neglecting the US Export Administration Reg

U.S. - China beef trade market

Since the first agreement in 2003, it took exactly 14 years to commence the commercial shipment of beef and beef products from the U.S. to China. The economic impact has been great for both the Chinese market and U.S. beef industry. For further details, see the Press Release. Image Source: https://geneva.usmission.gov/2011/05/03/ustr-special-301-report-ipr/

Shared Terrorist list has been published Four Arab Countries

Yesterday, the terrorist list has been published be four Arab Countries. That is: The Kingdom of Saudi Arabia, The Arab Republic of Egypt, The United Arab Emirates, and The Kingdom of Bahrain The list includes 59 individuals and 12 entities which has been designated by each of the four countries. For more information read the Statement by the Kingdom of Saudi Arabia in In English or Arabic. To identify the Entities see the list in Latin Letters or Arabic Letters As always, th

More information on AEO-F Status

Very important to our current customers: The Federal Court of Finance i.e., Bundesfinanzhof (BFH), published in 2012, the news regarding the Authorized Economic Operator (AEO) certificate. The AEO - F which is the combination of both AEO-C (for Customs Specifications) and AEO - S (for Security) has been updated for more secure and safety purposes regarding to support the trade and customs processes in business with the terrorist list. As decided by BFH, a company is granted A

Updates on FTA of EFTA and GCC members

The European and Gulf countries have benefited from trade due to the Free Trade Agreement (FTA) in July, 2014. The agreement was made to develop and strengthen the economic and trade ties. Now, the (FTA) between Switzerland and Gulf Cooperation Council (GCC) has been updated with regard to the preferential taxation. With this update, United Arab Emirates (UAE) can upgrade the process of trade by including the Certificate of Origin. But, Qatar and Kuwait will not be able to pr

Saudi Arabia cutting ties with Qatar

To protect sovereign rights, the government of Saudi Arabia has severed the regulations on individuals and merchandise from State of Qatar. Considering the alleged violations of the agreement of GCC (Gulf Cooperation council), now, Qatari citizens' entry or transit through the Kingdom of Saudi Arabia and also, to those Qatari residents and visitors have to leave Saudi territories within 14 days. Also, Egypt, UAE and Bahrain are taking the similar legal actions towards Qatar.

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