Junghyun Baek

Dec 11, 2024 | arnoldporter.com | Soo-Mi Rhee |Kevin Toomey |Junghyun Baek |Trevor G. Schmitt

On November 26, 2024, the U.S. Court of Appeals for the Fifth Circuit held in Van Loon v. Department of the Treasury that the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) exceeded its statutory authority by designating Tornado Cash — a decentralized, open source software protocol that facilitates anonymous cryptocurrency transactions — on its Specially Designated Nationals and Blocked Persons List (SDN List).

Oct 25, 2024 | mondaq.com | Bell Johnson |Junghyun Baek |Tal R. Machnes |Michael Mancusi

On October 9, 2024, the U.S. Commerce Department, Bureau of Industry and Security (BIS) issued new guidance to financial institutions on how to comply with and minimize the risk of violating the Export Administration Regulations (EAR). Through this new guidance, BIS is affirmatively recommending that financial institutions implement EAR-related due diligence procedures within their existing compliance programs.

Jul 17, 2024 | mondaq.com | Junghyun Baek |Trevor G. Schmitt |John Barker |Soo-Mi Rhee

AP Arnold & Porter More Arnold & Porter is a firm of more than 1,000 lawyers, providing sophisticated litigation and transactional capabilities, renowned regulatory experience and market-leading multidisciplinary practices in the life sciences and financial services industries. Our global reach, experience and deep knowledge allow us to work across geographic, cultural, technological and ideological borders.

May 28, 2024 | mondaq.com | Junghyun Baek |Trevor G. Schmitt |Soo-Mi Rhee |John Barker

On May 22, 2024, the National Security Division (NSD) of the U.S. Department of Justice (DOJ) issued its first-ever corporate declination under its Enforcement Policy for Business Organizations (NSD Enforcement Policy) to Sigma-Aldrich Inc. (doing business as MilliporeSigma). The declination came after the company disclosed potential export controls violations stemming from an employee's scheme to export nearly US$14 million worth of controlled substances to Chinese labs.

May 2, 2024 | mondaq.com | Junghyun Baek |Trevor G. Schmitt |Marne Marotta |Soo-Mi Rhee

On April 24, 2024, President Biden signed into law H.R. 815, which authorizes supplemental appropriations to several federal agencies for assistance to Ukraine, Israel, and Taiwan, and contains certain other provisions, including provisions that could force a divestiture of social media platform TikTok (often reported in the media as the TikTok bill).