The Biden administration, which announced in August 2023 that it would develop restrictions on outbound investment in China (see 2308090066), expects to finalize the new regulations by the end of calendar year 2024, Commerce Secretary Gina Raimondo said May 8.

The Office of Foreign Assets Control soon will make a range of changes to its reporting, procedures and penalties regulations, including one that will require electronic-only filings of certain documents and others that will add or clarify reporting requirements for certain blocked property or rejected transactions. The agency also clarified its definitions for “transaction” and “U.S. persons” after public commenters told OFAC they were unclear, clarified the types of information that must be reported for rejected transitions, and more.

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The U.S. will struggle to compete technologically with China unless it continues to loosen trade barriers around sensitive technologies for a broader range of allies outside just the U.K. and Australia, Mike Gallagher, a former member of Congress, said this week.

Senate Democrats are urging the Treasury Department to quickly finalize a proposed rule that could make investment advisers subject to more sanctions-related compliance requirements, adding that the agency should also require advisers to follow rigorous due diligence requirements that currently apply to large banks. But financial industry organizations said Treasury should revise the proposal because investment advisers are already covered by existing anti-money laundering laws and aren’t the right target for new compliance guardrails.

Sen. Bill Hagerty, R-Tenn., and Rep. Mark Green, R-Tenn., announced separate legislative proposals last week that would block the Bureau of Industry and Security’s new interim final rule restricting firearms exports.

Companies should expect the U.S. to soon expand the statute of limitations for certain export control violations to align with a similar extension for sanctions violations, a law firm said.

Aggressive new U.S. export controls on advanced computing chips and the equipment to manufacture them are having unintended side effects and may be causing more harm than good for Western companies, a Brussels-based think-tank said.

The Treasury and State departments announced May 1 that they are sanctioning more than 280 entities and people in Russia and third countries for helping Moscow sustain its military industrial base during its war against Ukraine.

Export Compliance Daily is providing readers with the top stories from last week in case you missed them. You can find any article by searching for the title or by clicking on the hyperlinked reference number.