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ILN Today Post

Congress Contemplates Committee to Review Outbound Investment

On February 4, 2022, the House of Representatives passed the National Critical Capabilities Defense Act of 2021 (“NCCDA”) as part of the much larger America Creating Opportunities for Manufacturing, Pre-Eminence in Technology, and Economic Strength Act of 2022 (“COMPETES Act”). The COMPETES Act has many aims related to shoring up domestic manufacturing, protecting technology capabilities, and generally, as the name suggests, improving the country’s competitiveness with the rest of the world, primarily China.

There is plenty to unpack in the huge COMPETES Act, which is the House’s counterpart to the Senate’s U.S. Innovation and Competition Act (“USICA”) passed in June 2021. But it is the NCCDA that is grabbing headlines because of its proposal to create a committee to review outbound investments by U.S. persons. Read more…

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ILN Today Post

OFAC Sends Clear Message to Parties Conducting Business with Entities on OFAC’s Sectoral Sanctions Identification List

As the U.S. and the European Union continue to impose new sanctions on Russia in response to the invasion of Ukraine, regulatory authorities continue their pursuit of companies and individuals who violate those sanctions. The most recent example is a settlement agreement between the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”) and S&P Global, Inc. (“S&P”).

On April 1, 2022, S&P agreed to pay OFAC $78,750 to settle its potential civil liability for alleged violations of the 2014 Ukraine-Related Sanctions Regulations, 31 C.F.R. part 589, specifically Directive 2 issued pursuant to Executive Order 13662 of March 24, 2014, “Blocking Property of Additional Persons Contributing to the Situation in Ukraine” (“E.O. 13662”). Read more…

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ILN Today Post

Download a concise summary of voluntary disclosure procedures

From time to time, companies may discover that they’ve violated export, economic sanctions, anti-corruption, or customs laws and must decide whether to self-disclose to the U.S. government agency that enforces the regulation in question. When considering a voluntary disclosure, companies must weigh all facts and circumstances leading to the potential violation, as well as the advantages and disadvantages associated with disclosure.

This Voluntary Self-Disclosure Handbook was created to provide a concise summary of the voluntary disclosure procedures administered by various U.S. government agencies.

DOWNLOAD THE HANDBOOK
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