The Office of Foreign Assets Control fined an unnamed U.S. person $45,179 after OFAC said they violated the agency’s Global Magnitsky Sanctions Regulations.
California-based electronics parts manufacturer and supplier Integra Technologies agreed to pay the Bureau of Industry and Security $3.3 million after admitting to violating U.S. export controls on Russia, telling BIS that it didn’t realize the transistors it was shipping needed an export license.
The outbound investment legislation that lawmakers agreed Dec. 17 to include in a newly unveiled continuing resolution (CR) (see 2412170063) would expand upon the Biden administration’s August 2023 executive order (see 2308090066) by covering more artificial intelligence models and by adding hypersonic and related aerospace technologies.
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.
Semiconductor companies should expect more export control rules from the Bureau of Industry and Security before the Trump administration takes office, including possibly new licensing rules and record-keeping requirements for certain chip exports to destinations outside of China, trade lawyer Charles Capito said.
House Foreign Affairs Committee Chairman Michael McCaul, R-Texas, said Dec. 17 that lawmakers have forged a compromise on legislation to restrict U.S. outbound investment in China.
The U.S. and its allies should increase their scrutiny of China's foreign investment in commercial remote sensing firms to ensure the Chinese military does not benefit from such transactions, the congressionally mandated U.S.-China Economic and Security Review Commission said in a new report Dec. 16.
The U.S. government needs a better framework to allow various agencies to coordinate on economic security measures, such as export controls and investment restrictions, Commerce Deputy Secretary Don Graves said.
Even if a transaction is authorized by a Treasury Department sanctions license or a Commerce Department export license, it still may be subject to prohibitions or notification requirements under Treasury’s new outbound investment rules (see 2410280043), the agency said in new FAQs.
New guidance published by the EU last week outlines steps people and companies should take to make sure their dual-use goods and technology aren’t being sent to Russia, including red flags they should be monitoring as part of their compliance programs. It also offers insight into how the European Commission interprets violations of the bloc’s anti-circumvention laws, with a specific focus on minimum due diligence expectations for businesses and banks.