Republicans are proposing to repeal the Corporate Transparency Act, saying the 2021 law has overburdened small businesses.
The U.K. Office of Financial Sanctions Implementation last week sanctioned four people and two entities linked to violence against Palestinians in the West Bank.
The Office of Foreign Assets Control on May 3 removed several Russia-related entries from its Specially Designated Nationals List, including Malta- and Russia-based aircraft management company Emperor Aviation Ltd., which was designated in 2022 for providing luxury travel to a Russian government official (see 2211140018). OFAC also removed several aircraft owned by Emperor Aviation from the SDN List.
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.
The Census Bureau recently updated the Automated Export System to revise the types of exports to Australia and the U.K. that can be filed with License Code C33 (No License Required). The update reflects export control changes made last month by the Bureau of Industry and Security, which reduced certain licensing requirements for shipments to Australia and the U.K. as part of the AUKUS partnership (see 2404180035).
The Office of Foreign Assets Control sanctioned five people, along with their companies, for helping Hezbollah money exchanger Hassan Moukalled evade sanctions and support the terrorist group, the agency said this week. OFAC said the individuals include two co-founders of CTEX Exchange, the company owned by Moukalled, along with his business consultant.
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 U.K. Office of Financial Sanctions Implementation on May 1 published frequently asked questions regarding its sanctions regimes, which are meant to be "supplementary to, and not a replacement for, OFSI's primary guidance." The page includes 91 FAQs covering general sanctions questions, the restriction on Russia, the Russian oil services ban, Libya, general licensing, definitions and crown dependencies and overseas territories. Forty-four FAQs pertain specifically to the Russia sanctions.
The U.K. on April 30 updated its general sanctions license permitting humanitarian activity in Israel and occupied Palestinian territories. The license was extended a year, until May 14, 2025, and the U.K. said reporting to the Office of Financial Sanctions Implementation should be submitted no later than Nov. 13, 2024, for activities taken under the license before that date, and no later than June 14, 2025, for activities taken under the license prior to that date and after Nov. 13, 2024. The license also added the Disasters Emergency Committee as an entity that can conduct humanitarian activities in the covered regions.
Malta's Sanctions Monitoring Board said that Dubai-based virtual casino company ArabMillionaire Limited violated sanctions compliance requirements, though the national authority didn't provide details about the nature of the violation or the extent of the penalty. The board invoked Article 17(6) of the National Interest (Enabling Powers) Act, which requires companies to routinely check sanctions lists and have internal controls in place to ensure sanctions compliance.