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On September 23, the Inspector General's Office of the Department of Commerce released its audit of the Bureau of Industry and Security’s (BIS’) efforts to "counter China’s Military-Civilian Fusion strategy"
The auditors found the BIS export license approval process "adequate in reducing the risk" of controlled items being inappropriately approved for export to China. However, they found that BIS has "not minimized the risk of unauthorized release of controlled technologies and software to China."
Previously under sanctions due to its ties to Imperial Yachts amid the Russia-Ukraine conflict, 136 meter (446 ft) superyacht FLYING FOX is likely to be free to operate globally without restrictions.
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The Commerce Department's Bureau of Industry and Security (BIS) published guidance for financial institutions containing best practice recommendations for complying with the Export Administration Regulations (EAR).
The guidance focuses on General Prohibition 10 (GP 10), which prohibits financial institutions (and other persons) from financing or otherwise servicing any item subject to the EAR with knowledge that a violation of EAR has occurred, is about to occur, or is intended to occur.
Precision Castparts Corp. settled allegations that it violated the International Traffic in Arms Regulations (ITAR) in connection with unauthorized exports of technical data to foreign-person employees from Bhutan, Burundi, El Salvador, Honduras, Mexico, and Peru pertaining to tools (specifically, wax pattern and core dies) and wax patterns consumed in the subsequent production of casting blades used in gas turbine engines
From October, the Office of Trade Sanctions Implementation (OTSI) will be empowered to investigate breaches of trade sanctions and impose corresponding civil monetary penalties. We examine the powers OTSI will have, how it will interact with other UK sanctions authorities and what impact it may have.
OFAC is amending the Reporting, Procedures and Penalties Regulations (RPPR). the May 2024 Interim Final Rule requiring reports witin 10 business days of when blocked property is unblocked or transferred,
This final rule adds three exceptions to the reporting requirement for any blocked property that is unblocked or transferred.
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