The Treasury’s Financial Crimes Enforcement Network issued a guidance document and an advisory on regulations and illegal activity in convertible virtual currency fields, FinCEN said in a May 9 press release. The advisory aims to help companies identify and report “suspicious activity” related to the exploitation of CVCs for money laundering and sanctions evasions, FinCEN said, including recognizing “red flags.” In the advisory, FinCEN urges companies to screen their customers and business partners against the Office of Foreign Assets Control’s Specially Designated Nationals List and take “appropriate steps” to stop people in sanctioned countries from “trading in digital currency.” Businesses dealing in virtual currencies should have procedures in place to block IP addresses associated with sanctioned entities, disable accounts of holders from sanctioned countries, “install a dedicated Compliance Officer” to oversee compliance with all OFAC sanctions programs and ensure OFAC compliance training for all pertinent personnel, the advisory said.

The Commerce Department's Bureau of Industry and Security added 12 foreign entities or persons to BIS’s Entity List, according to a May 13 notice, including several entities in China. BIS said the additions include four entities with locations in China and Hong Kong, along with two other entities in China and one Pakistani entity and five entities or individuals in the United Arab Emirates. Each is now subject to specific license requirements “for the export, reexport, and/or in-country transfer of controlled items,” BIS said. The 12 "have been determined by the U.S. Government to be acting contrary to the national security or foreign policy interests," the agency said in a separate notice.

China will raise tariff rates on 5,140 tariff lines of U.S. goods in response to the latest escalation in the trade war, the Chinese Foreign Ministry announced May 13. The tariff increases mostly follow the lists China released last year in response to U.S. plans to add tariffs on $200 billion worth of goods from China (see 1905130002). The retaliatory tariffs were implemented last year at lower rates than were initially announced. China now plans to increase those retaliatory tariffs on June 1.

There seems to be a growing interest in ways to evade U.S. sanctions and export controls, several experts said while speaking at a House Foreign Affairs subcommittee hearing on May 9. One panelist specifically pointed to China, which he said he expects to begin smuggling oil from Iran to avoid U.S. sanctions.

The World Customs Organization issued the following release on commercial trade and related matters:​​

India’s Commerce Ministry is attempting to “strengthen” trade ties with Africa, according to a May 8 report by the India Brand Equity Foundation. India spoke with its embassies in 11 African countries in early May to discuss buyer-supplier “matchmaking,” Indian “trade exhibitions” in Africa and “frequent visits of policy makers, chamber of commerce and investors for familiarization with local business.” The Ministry is looking for an “effective export strategy” to “engage the Indian business community in Africa” and “instill greater confidence amongst trade partners,” the report said.

All unit packets of cigarettes and hand rolling tobacco manufactured in or imported into the European Union must meet new requirements by May 20, Malta Customs said in guidance announced May 10. That includes unique identifiers on packaging, five specific security features, and scanning at certain points in the supply chain, the guidance said. The new requirements do not apply to unit packets of cigarettes and hand rolling tobacco manufactured in the EU before May 20, or to unit packets that are imported into the EU and have left duty suspension before May 20, 2019. This existing stock may remain in free circulation until May 20, 2020, after which it too must comply with the new requirements. From May 2024, these requirements will apply to all products containing tobacco, Malta Customs said.

In the May 8 edition of the Official Journal of the European Union the following trade-related notices were posted:

The government of Canada recently issued the following trade-related notices as of May 10 (note that some may also be given separate headlines):

The Canada Border Services Agency provided details in a May 10 Customs Notice on filing requirements for goods that are subject to the final safeguard tariffs on steel products (see 1904300218). The safeguards on heavy plate and stainless steel wire don't apply to goods from multiple countries, including the U.S., Korea, Chile, Columbia, Mexico, Panama, Peru and Israel. Canada also released a notice to importers on the tariff rate quotas.