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Treasury’s Office of Foreign Assets Control (OFAC) announced several new outreach initiatives to complement their recent website upgrades and video series.
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Compliance-challenged banking behemoth Wells Fargo & Co reached a settlement with the Office of the Comptroller of the Currency (OCC) related to the bank’s anti-money laundering (AML) and sanctions risk management failures. The Formal Agreement identifies deficiencies relating to the bank’s financial crimes risk management practices and anti-money laundering internal controls in several areas including suspicious activity and currency transaction reporting, customer due diligence, and the bank’s customer identification and beneficial ownership programs.
The agreement requires the bank to take comprehensive corrective actions to enhance its Bank Secrecy Act/anti-money laundering and U.S. sanctions compliance programs.
The U.S. Government Accountability Office (GAO) report highlights the substantial investments China is making through the world’s largest infrastructure finance program, the Belt and Road Initiative (BRI).
Contributors to the report identified challenges to US competitiveness includeing the "lack of a public national strategy to guide and prioritize" U.S. efforts and the "fragmentation of foreign assistance efforts" across several federal agencies.
The Biden-Harris Administration has announced a series of new actions aimed at addressing the growing abuse of the de minimis exemption, particularly by e-commerce platforms like Amazon, Shein and Temu.
The administration’s efforts come in response to a significant rise in de minimis shipments, which have increased from 140 million annually to over one billion in the last decade, complicating efforts to regulate imports and block illegal goods.
Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued an update to the March 2019 OFAC Advisory to the Maritime Petroleum Shipping Community to highlight risks associated with shipments to Syria.
Amendments to this advisory include updates to certain deceptive shipping practices and risk mitigation measures, along with an updated annex of vessels currently identified as blocked property on OFAC’s SDN List, that have been involved in fuel shipments to Syria.
Majority staff from the Homeland Security and Select China Committees released a report recapping their efforts to draw attention to the role of Chinese suppliers in U.S. Port Security.
China's Shanghai Zhenhua Heavy Industry Co., Ltd. (ZPMC), the world’s largest STS crane manufacturer is an entity of particular focus of the report. Producing nearly 80% of the STS cranes used at U.S. ports ZPMC commands 70% of the global market share.
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