The Financial Crimes Enforcement Network issued a proposed rule to revise the threshold requiring banks to “collect and retain information on certain funds transfers and transmittals of funds,” the agency said Oct. 27. The change would reduce the threshold from $3,000 to $250 for funds transfers that begin or end outside the U.S., FinCEN said, and would also reduce the threshold that requires banks to transmit to other financial institutions in the payment chain “information on funds transfers and transmittals of funds” that begin or end outside the U.S. The rule also proposes to clarify the definition of “money … to ensure that the rules apply to domestic and cross-border transactions involving convertible virtual currency” as well as “digital assets that have legal tender status.” Comments on the rule, which was proposed by FinCEN and the Board of Governors of the Federal Reserve System, are due Nov. 27.
President Donald Trump notified Congress that he intends to formally remove Sudan from the State Sponsors of Terrorism List, the White House said Oct. 23. Sanctions and other trade restrictions on Sudan now include bans on arms exports, export controls over dual-use items, various financial and economic assistance prohibitions, and prohibitions on defense contracts, according to the State Department. The White House move came after Sudan promised to make reparations to families of victims of terror.
The U.S. Department of Agriculture and the Office of the U.S. Trade Representative are accepting applications for new members to serve four-year terms on seven agricultural trade advisory committees, the agencies said Oct. 15. The available committees include the Agricultural Policy Advisory Committee -- which advises USDA and USTR on existing trade agreements and negotiating new ones -- and Agricultural Technical Advisory Committees on the following commodity sectors: animals and animal products; fruits and vegetables; grains, feed and planting seeds; processed foods; sweeteners and sweetener products; and tobacco, cotton and peanuts. Applicants must be U.S. citizens and have “significant expertise” in both agricultural and international trade matters. Applications are due by 5 p.m. EST on Nov. 13.
The State Department approved about $1.8 billion in military sales to Taiwan, drawing criticism from China, which threatened retaliation if the sales are not revoked. The sales, announced Oct. 21, include more than $1 billion worth of Standoff Land Attack Missile Expanded Response missiles, an estimated $367 million for MS-110 Recce Pods and about $436 million for High Mobility Artillery Rocket Systems M142 Launchers. The contractors are Boeing, Collins Aerospace and Lockheed Martin Missile and Fire Control, respectively.
The State Department approved a potential military sale to Romania worth about $300 million, the Defense Security Cooperation Agency said Oct. 16. Under the sale, Romania would get two Naval Strike Missile Coastal Defense Systems and related equipment. The principal contractor will be Raytheon Missile and Defense.
The National Customs Brokers & Forwarders Association of America issued a survey Oct. 19 seeking industry feedback on the potential impact of eliminating filing requirements for shipments between the U.S., Puerto Rico and the U.S. Virgin Islands. The Census Bureau issued a pre-rule for the change in September and said it is seeking other ways to collect data normally obtained through the Electronic Export Information filings (see 2009160033). NCBFAA said the impact of removing the requirements “may be negligible for some companies but may have a significant effect on others that handle traffic to these points.” It is asking for help to determine whether “it will be appropriate for NCBFAA to take a position on this matter.”
The Census Bureau issued a guidance on Oct. 8 on the mandatory filing requirements outlined in the Bureau of Industry and Security's April rule on military-related exports (see 2006250026). Census said it received a “number” of questions on the rule, which increased due diligence requirements for certain exports to China, Russia and Venezuela and requires certain Electronic Export Information filings for some exports captured under the rule (see 2004270027).
The State Department approved potential military sales to Finland worth more than $27 billion, the Defense Security Cooperation Agency said Oct. 8. Under the first sale, Finland would get 64 F-35 Joint Strike Fighter CTOL aircraft, engines and related equipment worth about $12.5 billion. The prime contractors will be Lockheed Martin, Pratt & Whitney Military Engines, Boeing and Raytheon Missiles and Defense. The second sale includes 50 F/A-18E/F Super Hornet and EA-18G Growler aircraft, weapons and related equipment worth about $14.7 billion. The principal contractors will be Boeing, Northrop Grumman, Raytheon, General Electric and Lockheed Martin.
The Department of the Treasury on Oct. 13 issued a current list of countries that require or may require participation in, or cooperation with, an international boycott. The list includes Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, the United Arab Emirates and Yemen, unchanged from the previous iteration of the list. Treasury added that it is “monitoring the situation” in the UAE, which has announced that it issued a decree repealing its boycott of Israel. According to a Baker McKenzie Sanctions & Export Controls Update blog post on Sept. 21, while the UAE action “may eventually result in changes to the Commerce Regulations and Treasury Rules to reflect the UAE’s repeal of the boycott, this has not happened yet, and it could be some time before any changes occur.”
The Bureau of Industry and Security on Oct. 6 extended the comment period for its pre-rule on foundational technologies, clarifying that it will accept “confidential business information” from commenters if they follow certain guidelines. Comments, which were previously due Oct. 26 (see 2008260045), are now due Nov. 9.