September - 2017

Trump Administration imposes sanctions on North Korean Banks and Individuals

The US Department of Treasury's Office of Foreign Assets (OFAC) imposes sanctions on 8 North Korean banks and 26 North Korean Financial representatives in response to North Korea’s ongoing development of weapons of mass destruction (WMD). Also, there has been continuous violations of United Nations Security Council Resolutions (UNSCRs). For complete information, click here.

Richemont North America Inc. settles for $334,800

Yesterday, the US Treasury Department's Office of Foreign Assets Control (OFAC) has announced civil penalty on Richemont North America, Inc., also the owner of the Cartier luxury brand. The Cartier company has already been blocked by OFAC for shipping jewelry to Shuen Wai Holding Limited in Hong Kong. And now, Richemont North America, Inc. has agreed to pay $334,800 to settle for violations of the Foreign Narcotics Kingpin Sanctions Regulations. For complete information, cli

Removal and revision of certain entities from the US entity list

This rule removes one entity listed under the destination of Australia, one entity listed under the destination of China, and one entity listed under the destinations of Iran and the United Arab Emirates from the Entity List. Finally, this final rule modifies five existing entries on the Entity List consisting of five entries under Pakistan to provide additional or modified addresses and/or names for these persons. This rule is effective September 25, 2017. PST. AG will provi

US Department of Treasury extends sanctions against North Korea

Before, the US government has published sanctions against North Korea for nuclear and missile program activities. And now in 2017, their continuous provocative and repressive actions toward ballistic missile launches has caused violations and obligations for United Nations Security Council Resolutions (UNSCRs) which has contravened its commitments towards national security, foreign policy, and the economy as well as international relations of the United States. Until this day

Amendments for DRUGS ACT - Malaysia

On September 2017, Malaysia has updated the amendments for classified chemical compounds. A total of nine new listed compounds has been added in the Dangerous Drug Act - 1952. Handling these elements without a license can take severe charges by law. Listed compounds: Acetylfentanyl Butyrfentanyl 2-(4-bromo-2,5-dimethoxyphenyl)-N-(2-methoxybenzyl) ethanamine (25B-NBOMe) 2-(4-chloro-2,5-dimethoxyphenyl)-N-(2-methoxybenzyl)ethanamine (25C-NBOMe) 1-cyclohexyl-4-(1,2-diphenylethy

FATF updated its list for of jurisdictions with strategic AML/CFT deficiencies

On September 15, 2017, the United State Department of Treasury's Financial Crimes Enforcement Network (FinCEN) has issued Advisory on financial institutions with regard to the Financial Action Task Force’s (FATF) - Identified Jurisdictions with AML/CFT Deficiencies. FinCEN has updated its list of jurisdictions: 1. Jurisdictions subject to a FATF call on its members and other jurisdictions to apply counter-measures to protect the international financial system from the on-goin

Authorization of Global Magnitsky Act by Trump Administration

A delegation has been authorized by Trump Administration for the Global Magnitsky Human Rights Accountability Act. It authorizes the president to administer financial sanctions or revoke visas of certain “foreign persons” (both individuals and entities) or to impose property sanctions on them. The memorandum is also published in the Federal Register. Andrea Prasow, Washington deputy director at Human Rights Watch, said “The Global Magnitsky Act is a powerful tool that allows

NOTICE OF EXTENSION OF TIME PERIOD FOR MAKING PRELIMINARY DETERMINATION

The Government of Malaysia extends its regulation "NOTICE OF INITIATION OF AN ANTI-DUMPING DUTY INVESTIGATION WITH REGARD TO THE IMPORTS OF COLD ROLLED STAINLESS STEEL IN COILS, SHEETS OR ANY OTHER FORM ORIGINATING OR EXPORTED FROM THE PEOPLE’S REPUBLIC OF CHINA,THE REPUBLIC OF KOREA, CHINESE TAIPEI AND THE KINGDOM OF THAILAND" by 30 days. Now it ends on 30 October 2017. For more information and to identify the materials by HS or AHTN-Code, see previous blog or click here for

UN Resolution 2374.New sanction regime on Mali

By resolution 2374 (2017) the Security Council decided to impose individual targeted sanctions (a travel ban on individuals and an assets freeze on individuals and entities, as designated by the Committee). As of today, no individuals or entities have been designated by the Committee. PST. AG has prepared a UN-Mali list. We will provide these to our customers as soon as the committee has added entities. For complete resolution, click here.

BIS (Bureau of Industry and Security) publishes a request for comments.

Effects of Extending US Foreign Policy-Based Export Controls The Bureau of Industry and Security (BIS) is seeking public comments on the effect of existing foreign policy-based export controls in the Export Administration Regulations (EAR). Section 6 of the Export Administration Act requires BIS to consult with industry on the effect of such controls and to report the results of the consultations to Congress. Comments from all interested persons are welcome and will help BIS

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