November - 2018

Canada, the U.S. and Mexico sign Nafta replacement at the G20 summit

On 20 November 2018, at the G20 summit in Buenos Aires, Argentina, the leaders of Mexico, Canada and the U.S. signed the United States-Mexico-Canada Agreement (USMCA), the replacement to the North American Free Trade Agreement (Nafta). The USMCA will direct over $1tn worth of trade between the three countries. The agreement must be ratified by politicians in each participating country before it goes into effect. Click here to read the entire press release from White House.

OFAC focuses on Bitcoin addresses for the first time in new sanctions

On 28 November 2018 the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) added two new Iran-based individuals to the SDN List for their alleged financial facilitation of the SamSam ransomware scheme. Notably, for the first time, OFAC has traced bitcoin activity to the public addresses of the sanctioned individuals. The two sanctioned individuals reportedly assisted the hackers of SamSam to convert millions of dollars in ransomed bitcoin to Iranian ria

The EU amends the tariff and statistical nomenclature and the Common Customs Tariff

The European Union (EU), as of 11 October 2018, implemented regulation 2018/1602, which amends the tariff and statistical nomenclature and the Common Customs Tariff. This regulation shall apply from 1 January 2019. This data is available via PST.AG's data feed notification to our customers.

Trump signs a new Nicaragua-related Executive Order and OFAC adds two individuals to the SDN list

U.S. President Trump signed a new Executive Order on 27 November 2018 entitled ‘Blocking Property of Certain Persons Contributing to the Situation in Nicaragua.’ Additionally, OFAC added two individuals to its List of Specially Designated Nationals and Blocked Persons. To read the Executive Order please click here. As always, the data reflecting these changes is available via PST.AG's data feed notification to our customers.

Cobham Holdings, Inc. and OFAC reach a settlement

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced on 27 November 2018 that it has reached a settlement with Cobham Holdings, Inc. (“Cobham”) of Arlington, Virginia for $87,507. Cobham settled a potential civil liability for former subsidiary Aeroflex/Metelics, Inc. (“Metelics”) for apparent violations of the Ukraine Related Sanctions Regulations, 31 C.F.R. part 589. Metelics appears to have sold goods to Russia's Almaz-Antey arms manufact

UK 'Sanctions and Anti-Money Laundering Act 2018' is in effect

The majority of provisions of the Sanctions and Anti-Money Laundering Act 2018 have come into effect on 22 November 2018 with the adoption of the Sanctions and Anti-Money Laundering Act 2018 (Commencement No. 1) Regulations 2018 (SI 2018/1213). The Sanctions and Anti-Money Laundering Act 2018 makes consequential amendments to a number of the other acts, including the Immigration Act 1971 (c. 77), the Serious Crime Act 2007 (c. 27), and the Crime and Courts Act 2013 (c. 22) (s

OFAC issues petroleum shipping advisory against Syria

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), along with the U.S. Department of State and the U.S. Coast Guard, has issued an advisory warning the global community to significant U.S. sanctions risks for any involved in petroleum shipments to Syria. There are significant risks of entities and individuals (e.g. insurers, shipping companies, financial institutions, vessel owners, managers, and operators) being targeted by the U.S. for sanctions

Société Générale S.A. agrees to pay penalties to the U.S. over sanctions violations

Société Générale S.A. has agreed to pay $1,340,165,000 for violations of the U.S. Trading with the Enemy Act. By agreeing to this fine, as well as accepting responsibility for a lengthy ‘Factual Statement’, refraining from future criminal conduct and implementing remedial measures as required by its regulators, Société Générale S.A. has deferred prosecution for three-years. After this time period, if all requirements have been met, the U.S. Government will seek to dismiss the

U.S. requests public comment regarding emerging sensitive technologies

The U.S. Bureau of Industry and Security (BIS) has published an advance notice of proposed rulemaking (ANPRM) in the Federal Register. This ANPRM requests public comments on criteria for identifying emerging technologies that are important to U.S. national security. These technologies may be used in dual-use items or have other military or intelligence uses. Recognizing that controlling exports of technology are central to protecting sensitive U.S. technology, BIS requests in

UK publishes 'partnership pack' in preparation for a 'no deal' EU exit

On 15 November 2018 the United Kingdom’s HM Revenue and Customs published a ‘partnership pack’ to help businesses prepare for leaving the EU with ‘no deal.’ This pack is a ‘guide to processes and procedures that are likely to apply to cross-border activity between the UK and the EU in a ‘no deal’ scenario.’ It explains how trade processes and regulations at the border will change after 29 March 2019, as well as what businesses and individuals must do to comply with the new pr

1

2