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Nov 4, 2024 | 
sanctionsnews.bakermckenzie.com | Terence Gilroy |Eunkyung Shin |Rob O'Brien |Bart M. McMillan
On October 11, 2024, the Office of Foreign Assets Control (“OFAC”) issued a determination under Section 1(a)(i) of Executive Order 13902 dated January 10, 2020 (“EO 13902”) designating the petroleum and petrochemical sectors of the Iranian economy as subject to US secondary sanctions.
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Oct 14, 2024 | 
sanctionsnews.bakermckenzie.com | Eunkyung Shin |Michael Amberg |Vivian Tse
On 24 September 2024, the G7 Sub-Working Group on Export Control Enforcement, which comprises representatives from the United States, Canada, France, Germany, Italy, Japan, the United Kingdom, and the European Union (the “G7”), published the first-ever joint guidance for industry on preventing evasion of export control and sanctions imposed on Russia (“Joint Guidance”).
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Aug 25, 2024 | 
onlinelibrary.wiley.com | Eunkyung Shin |Marisa N. Lytle |Anna M. Zhou |Vanessa LoBue
1 Introduction Infancy is characterized by developmental milestones related to the first emergence of adaptive regulation and reactivity in response to the environment (Cole, Michel, and Teti 1994). Extensive evidence suggests that positive emotions play a significant role in building personal resources, including self-regulation, social competence, and problem solving (Basso et al. 1996; Fredrickson 2001; Isen 2000; Tugade, Fredrickson, and Feldman Barrett 2004).
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Jul 29, 2024 | 
sanctionsnews.bakermckenzie.com | Bart M. McMillan |Eunkyung Shin |Rob O'Brien
On July 22, 2024, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) issued guidance relating to OFAC’s implementation of the 21st Century Peace Through Strength Act (“Act”), included in H.R. 815 and signed into law on April 24, 2024, which extended the statute of limitations for civil and criminal violations of the International Emergency Economic Powers Act (“IEEPA”) and the Trading with the Enemy Act (“TWEA”) from five to 10 years.
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Jul 29, 2024 | 
lexology.com | Bart M. McMillan |Eunkyung Shin |Rob O’Brien
On July 22, 2024, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) issued guidance relating to OFAC’s implementation of the 21st Century Peace Through Strength Act (“Act”), included in H.R. 815 and signed into law on April 24, 2024, which extended the statute of limitations for civil and criminal violations of the International Emergency Economic Powers Act (“IEEPA”) and the Trading with the Enemy Act (“TWEA”) from five to 10 years.
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May 2, 2024 | 
sanctionsnews.bakermckenzie.com | Paul Amberg |Eunkyung Shin |Rob O'Brien |Julian Godfray
On April 18, 2024, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) and the UK’s Foreign, Commonwealth & Development Office (“FCDO”) announced a coordinated sanctions package targeting Iran.
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Apr 24, 2024 | 
sanctionsnews.bakermckenzie.com | Olof König |Frank Pan |Eunkyung Shin |Rob O'Brien
In an era where regulatory compliance is under intense scrutiny, the importance of a well-orchestrated response to trade and sanctions investigations cannot be overstated. An investigation may involve transactions occurring in multiple jurisdictions, laws of separate jurisdictions, and inquiries from (or disclosures to) multiple governmental authorities.
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Feb 1, 2024 | 
sanctionsnews.bakermckenzie.com | Terence Gilroy |Eunkyung Shin |Michael Amberg
On December 11, 2023, the US Departments of Commerce, the Treasury, Justice, State, and Homeland Security issued a “Quint-Seal” Compliance Note titled Know Your Cargo: Reinforcing Best Practices to Ensure the Safe and Compliant Transport of Goods in Maritime and Other Forms of Transportation (“Note”).
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Oct 6, 2023 | 
sanctionsnews.bakermckenzie.com | Eunkyung Shin |Michael Amberg
On September 8, 2023, the US Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) published a Financial Trend Analysis (“FTA”) highlighting trends related to suspected evasion of Russia-related export controls observed in reports required to be filed by financial institutions with FinCEN under the Bank Secrecy Act (“BSA”), such as through suspicious activity reports.
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Jul 12, 2023 | 
globalcompliancenews.com | Bart M. McMillan |Eunkyung Shin |Yu ZHANG
On June 27, 2023, the US Departments of State, the Treasury, Labor, Commerce, and Homeland Security, and the United States Agency for International Development issued a joint advisory — the Africa Gold Advisory (“Advisory“) — that (i) highlights the opportunities and specific risks raised by the gold trade across sub-Saharan Africa and (ii) encourages industry participants to adopt and apply strengthened due diligence practices to guard against such risks.
