Welcome to Your WTTL

The Washington Tariff and Trade Letter introduces a web-based format for easier review, research and sharing.  Clicking on a story in the newsletter will now bring you to the full text on our new web site. A .pdf version of the newsletter is available below.   For any questions about website access and your subscription, please contact us at Info@TradeRegs.com – Or call the Editor, Frank Ruffing, at +1.703.283.5220

In today's newsletter

FinCEN Assesses $1.2 Billion Against Bank of America, Citing National Security Risks

The action casts longstanding AML failures as a national security threat, emphasizing Chinese money laundering networks and illicit finance along the southwest border. Beneath that framing, Bank of America admits that deficient controls caused missed or delayed reporting of more than $5 billion in suspicious activity despite repeated warnings.

State Proposes USML Reductions, “Specially Designed” Changes, and New Repair Exemption

The State Department’s Directorate of Defense Trade Controls is scheduled to publish a proposed rule on October 1 that would narrow U.S. Munitions List controls, revise key ITAR definitions, and establish a license exemption for temporary exports of foreign defense articles for servicing and repair.

D.C. Circuit Clears Ex-Im Financing for TotalEnergies’ Mozambique LNG Project

The ruling removes an immediate legal obstacle to Ex-Im’s largest-ever transaction and preserves the bank’s entire $4.7 billion Mozambique exposure, providing critical financing for TotalEnergies’ recently restarted $20 billion LNG development after nearly five years under force majeure.

Top 5 Moments From Kessler's Testimony on the AI 'Arms Race'

From the start of Tuesday’s House Foreign Affairs Committee hearing, it was clear that the lawmakers and their sole witness, Under Secretary of Commerce Jeffrey Kessler, were having two very …

NY Lawmaker Says Canada Is Discriminating Against US Booze

Rep. Claudia Tenney introduced a bill this week calling for a Section 301 unfair trade investigation into Canada and other countries that the lawmaker says have unfairly blocked US alcohol exports.
On the web
Russia
Treasury Reimposes Iran Oil Sanctions
The US walked back a 60-day pause on sanctions programs covering Iranian oil on Tuesday afternoon, issuing an amended general license.
The BYD Han has a MSRP of RMB 169,800 or $23,590
House Dems Call To Block Chinese Auto Imports
Over 70 House Democrats called on President Trump to block Chinese automakers from accessing the US market, in a letter Wednesday emphasizing concerns over threats to US workers, manufacturing and …
Iran Update: 'Fury' and Blocking the Unblocked Blockaders
President Donald Trump kicked off an active day on social media with posts on two of his favorite themes: bashing ex-media allies and proclaiming the United States the "HOTTEST" country,  before turning his attention to world affairs to announce Iran's reopening of the Strait of Hormuz after weeks of choking off a critical sea trade route.
U.S. Trade Representative Jamieson Greer
Greer Heads to Mexico Ahead of USMCA Review
US Trade Representative Jamieson Greer is headed to Mexico this week to continue discussions in advance of the upcoming mandated review of the US-Mexico-Canada Agreement. A key topic of …
Maurice Ortega Murillo and Daniel Edmundo Ortega Murillo in a photo shared on Instagram on Oct. 5.
Nicaraguan Gold Firms, Nepo-Officials Sanctioned
The U.S. Treasury Department imposed sanctions Thursday on a group of Nicaraguan officials, companies and individuals tied to the country’s gold industry and accused of helping sustain the government of President Daniel Ortega and his co-president and spouse, Rosario Murillo.
Other trade news
Enforcement Actions

Treasury targets cryptocurrency exchange

On November 6, 2026, the Financial Crimes Enforcement Network (FinCEN) announced an order prohibiting U.S. financial institutions from transmitting funds to or from MEXC Global, a convertible virtual …

TD Bank Executives Face Shareholder Lawsuit Over AML Failures

The lawsuit moves scrutiny of TD’s compliance failures beyond the branch employees prosecuted for facilitating money laundering to the disclosures and oversight responsibilities of senior management.

Former BizJet Sales Manager Pleads Guilty in FCPA Case Dating to 2012

Jensen’s plea, following his September 2026 extradition from Panama, underscores the enduring reach of FCPA enforcement: individual defendants can face prosecution years after their employers settle.
Policy actions

NDAA Returns to Congress With Export Controls, China Restrictions and Investment Security at Stake

Congress returns next week facing negotiations over the FY2027 National Defense Authorization Act, with significant export-control and economic-security provisions awaiting resolution.

Democratic Committee Takeovers: More Investigations, Limited Tariff Relief

The midterm elections have set the stage for sustained congressional scrutiny of the Trump administration’s trade policies. Incoming Democratic chairs will gain the means to investigate tariff decisions, sanctions waivers, export licenses and sensitive investments, as well as companies’ dealings with the administration. But presidential veto power and bipartisan support for restrictions involving China will limit how far Congress can change the underlying policies.

Post-Quantum Security Prep

New federal guidance makes post-quantum security a business planning issue today. NIST has outlined the transition from vulnerable cryptography, while CISA and its partners have published questions to help enterprises assess whether their technology suppliers can deliver the necessary changes.