March - 2019

OFAC settles with Stanley Black & Decker and Jiangsu Guoqiang Tools for Iran sanctions violation

On 27 March 2019 the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a $1,869,144 settlement with Stanley Black & Decker, Inc. and its foreign subsidiary Jiangsu Guoqiang Tools Co., Ltd. (GQ). Between approximately 29 June 2013 and approximately 30 December 2014 GQ exported or attempted to export 23 shipments of power tools or spare parts directly or indirectly to Iran. These transactions appear to violate § 560.215 of the Iranian Transacti

Japan ends preferential tariff treatment under the Generalized System of Preferences (GSP) for sever

The General Administration of Customs (GACC) of the People’s Republic of China has announced (in Chinese) that goods exported from China to Japan, starting 1 April 2019, will no longer be eligible for preferential tariff treatment under Japan’s Generalized System of Preferences (GSP) scheme. This announcement refers to a decision made by the Japanese Ministry of Finance and announced by the Japanese Embassy in China. The statement is in line with a list of countries whose GSP

BREXIT extension

On 21 March 2019 the European Council (EC) decided to approve the request of the United Kingdom’s Prime Minister to extend the Article 50 period. Therefore, if the Brexit Withdrawal Agreement passes in the House of Commons (vote will be next week), Brexit will be extended until 22 May 2019. If the Brexit Withdrawal Agreement does not pass the House of Commons next week, Brexit will be extended until 12 April 2019 and the UK must further indicate if it plans to leave the EU wi

BAFA releases an updated list of conversion codes

On 20 March 2019 Germany’s "Bundesamt für Wirtschaft und Ausfuhrkontrolle" (BAFA) released an updated list of conversion codes (“Umschlüsselungsverzeichnis”). This list is for the conversion of codes between Annex I of EU Regulation No. 2018/1922 from 10 October 2018 and the 2019 list of goods for trade statistics. This list of conversion codes is intended as a means of checking whether goods classified by the Bureau of Statistics may be subject to export control.

OFAC issues new list: CAPTA

On 14 March 2019 the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued a new list: the List of Foreign Financial Institutions Subject to Correspondent Account or Payable-Through Account Sanctions (the “CAPTA List”). Currently this list includes one foreign financial institution which was previously part of OFAC’s Part 561 List. The CAPTA list provides information on foreign financial institutions for which opening or maintaining a US co

New FDA code-packages available at PST.AG

The United States Food and Drug Administration (FDA) controls drugs, medical products, food and radiation-emitting equipment manufactured in the US or imported to the US. In the context of foreign trade, the FDA publishes the FDA codes, which describe products and product groups (Product Codes), or their use (Intended Use Codes). These FDA codes are necessary for US import declarations of FDA controlled products. PST.AG is now offering this FDA code data to customers. We comp

UK publishes temporary custom tariff information ahead of ‘no deal’ Brexit vote

On 13 March 2019 the UK’s HM Treasury, HM Revenue and Customs, Department for Environment, Food and Rural Affairs, and Department for International Trade have published a temporary tariff regime in the event that the UK leaves the EU without a deal. According to the UK’s press release, this tariff regime is designed to “minimize costs to businesses and consumers while protecting vulnerable industries.” These tariff regime publications are also designed to inform the Members o

PST.AG attends Export Control Day in Berlin

On 7-8 March 2019 Germany’s ‘Bundesamt für Wirtschaft und Ausfuhrkontrolle’ (BAFA) hosted ‘Exportkontrolltag’ (Export Control Day) 2019 in Berlin. Representatives from PST.AG were in attendance to discuss current and future solutions for exporters. The focus of this 2-day event were the necessities and risks in export control. One topic under discussion during the event was Brexit; BAFA has subsequently devoted a new section under ‘Ausfuhrkontrolle’ (Export Control) on their

FinCEN advisory: updated FATF list highlights jurisdictions with AML/CTF deficiencies

On 8 March 2019 the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an advisory (FIN-2019-A001) to financial institutions regarding an updated list of jurisdictions with deficiencies in anti-money laundering and counter-terrorism financing (AML/CTF) strategies. This list was made on 22 February 2019 by the Financial Action Task Force (FATF). FinCEN states in the advisory that financial institutions “should be aware of these changes, which ma

Malaysia publishes new anti-dumping duties

On 8 March 2019 the Attorney General’s Chambers of Malaysia published the Customs (Anti-Dumping Duties) Order 2019. This order is effective for five years, from 8 March 2019 until 7 March 2024.

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