Assistant Secretary of Commerce for Export Enforcement Matt Axelrod issued an update to prior guidance on voluntary self-disclosure of possible violations of Export Administration Regulations (EAR) and disclosures about possible EAR violations by others. The most significant change is that while self-disclosure continues to be considered a mitigating factor, the policy now clarifies that deliberate non-disclosure of significant violations will be considered an aggravating factor, increasing potential penalties.
The U.S. Supreme Court has rejected Turkey's state-owned Halkbank's claim that it is protected under the 1976 Foreign Sovereign Immunities Act (FSIA), which limits the jurisdiction of American courts over lawsuits against foreign countries. The court ruled that the FSIA does not provide foreign states and their instrumentalities with immunity from criminal proceedings, according to conservative Justice Brett Kavanaugh.
Four US citizens and three Russian nationals have been charged with conspiracy to use US citizens as illegal agents of the Russian government, including a conspiracy to recruit US citizens from academic and research institutions to participate in a public diplomacy program.
A bipartisan group of senators have reintroduced the National Manufacturing Advisory Council for the 21st Century Act to establish a National Manufacturing Advisory Council within the U.S. Department of Commerce.
The United States and European Union need to produce more results on trade through the bilateral Trade and Technology Council, European Trade Commissioner Valdis Dombrovskis said Wednesday.
The lead sponsors of the Uyghur Forced Labor Prevention Act (UFLPA), have written a letter to the Department of Homeland Security Under Secretary, Robert P. Silvers, expressing concerns about the transparency and effectiveness of the law's enforcement.
China is moving ahead with plans to develop a $500 million undersea fiber-optic internet cable network, linking Asia, the Middle East, and Europe, according reporting from Reuters. This ambitious effort, spearheaded by state-owned Chinese telecom firms, is seen as a direct rival to a similar U.S.-backed project and threatens to deepen the ongoing tech war between Washington and Beijing.
The tenth EU-US Energy Council met in Brussels, attended by key representatives from the European Union and the United States. The Council serves as the primary forum for transatlantic coordination on strategic energy issues, aiming to enhance energy security, promote energy efficiency, develop technologies for net-zero emissions, and support research, innovation, and business cooperation.
The Treasury has published the 2023 DeFi Illicit Finance Risk Assessment, the first illicit finance risk assessment conducted on decentralized finance (DeFi) in the world.
U.S. agro-businesses, participating in a trade tour in Cuba, expressed frustration over the slow progress in boosting commerce with Cuban farmers and called on the Biden administration to ease restrictions, allowing them to invest in the island's private agriculture sector.
Financial Crimes Enforcement Network (FinCEN) published its first set of guidance materials to aid the public, and in particular the small business community, in understanding upcoming beneficial ownership information (BOI) reporting requirements taking effect on January 1, 2024.
Treasury and the Internal Revenue Service released a notice of proposed rulemaking for the Advanced Manufacturing Investment Credit (CHIPS ITC) established by the CHIPS Act of 2022.
“By providing detailed eligibility guidance for this tax credit, we’re equipping taxpayers with the clarity and certainty they need to make investments that will increase semiconductor manufacturing and strengthen America’s semiconductor supply chain,” said Treasury Secretary Janet Yellen.
Commerce released a Notice of Proposed Rulemaking for the guardrails intended to ensure technology and innovation funded by the CHIPS and Science Act is not used for malign purposes by adversaries.
The White House immediately endorsed a bipartisan Senate bill introduced Thusday to prevent national security risks posed by technology services from companies like China’s TikTok, which is increasingly being banned from government smartphones.
Two leading senators are calling on the Administration to press the European Union on the discriminatory aspects of EU digital regulations that they say target a handful of US companies.
President Biden’s $6.9 trillion fiscal year 2024 budget request puts an emphasis throughout on out-competing China by increasing investments in domestic manufacturing and infrastructure, while maintaining a strong US presence in the Asia Pacific.
“China is the United States’ only competitor with both the intent to reshape the international order and, increasingly, the economic, diplomatic, military, and technological power to do it,” according to the President’s introduction to his budget.
The Financial Action Task Force (FATF), an intergovernmental body that establishes international standards for anti-money laundering, suspended Russia from its ranks, citing the Russian Federation’s "actions unacceptably run counter to the FATF core principles aiming to promote security, safety, and the integrity of the global financial system.” The FATF also issued long-awaited guidance for members to implement its Recommendation 24, requiring countries to ensure that competent authorities have access to adequate, accurate and up-to-date information on the true owners of companies.
House Foreign Affairs Committee Chairman Michael McCaul released his interpretation of data on licensing outcomes from the Department of Commerce’s Bureau of Industry and Security (BIS) …
Marking the kickoff of a campaign to build support for the extension of Section 702 of the Foreign Intelligence Surveillance Act (FISA), Assistant Attorney General Matthew Olsen defended the measure in a speech at the Brookings Institution February 28th.
The U.S.-China Commission released a new staff research report on China's International Commercial Court (CICC). The report explores the “one-stop shop” dispute resolution center for Belt and Road Initiative (BRI)-related commercial disputes.