A dual U.S.-Venezuela citizen pleaded guilty to violations of the Foreign Corrupt Practices Act after the Department of Justice said he bribed officials of Petroleos de Venezuela, Venezuela’s state-run oil company. Jose Manuel Gonzalez Testino, who controlled multiple U.S.-based companies, was charged with one count each of conspiracy to violate the FCPA, violating the FCPA and failing to report foreign bank accounts, the DOJ said in a May 29 press release.
The U.S. and United Kingdom announced the Financial Innovation Partnership, a collaboration between the two countries to boost “bilateral engagement” in financial services innovation and expand trade, the Treasury Department said in a May 29 press release. Along with “encouraging collaboration in the private sector,” Treasury said the goal is to generally promote “growth and innovation.”
The French Banking Regulator’s Sanctions Committee announced on May 29 that it is bringing enforcement action on Raguram International for sanctions violations, according to a report from the committee and a post on the EU Sanctions blog. The committee announced enforcement on Raguram International for “deficiencies in screening customers” who are subject to European Union asset freezes, the notice said, and in screening customers that could be linked to terrorist financing. No penalty was issued due to their “subsequent compliance efforts,” the notice said.
The Trump administration warned Europe that anyone associated with the creation of the Instrument for Supporting Trade Exchanges, or INSTEX, could face U.S. sanctions, according to a May 29 report from Bloomberg. The report cites a May 7 letter from Treasury Department official Sigal Mandelker to INSTEX President Per Fischer. “I urge you to carefully consider the potential sanctions exposure of Instex,” Mandelker, the undersecretary for terrorism and financial intelligence, wrote in the letter, according to Bloomberg. “Engaging in activities that run afoul of U.S. sanctions can result in severe consequences, including a loss of access to the U.S. financial system.”
The temporary general license issued by the U.S. after it added Huawei Technologies to its Entity List has offered “almost no relief” for the U.S. semiconductor industry, which has been hurt severely by the move, said John Neuffer, president and CEO of the Semiconductor Industry Association. Speaking on U.S.-China trade issues at a Washington International Trade Association discussion on May 29, Neuffer underscored the importance of the Chinese market to U.S. semiconductor exporters and called on the Trump administration to more tactfully negotiate with China. “We would like the U.S. government to better balance its national security concerns with its economic security concerns,” Neuffer said.
U.S. exporters and others expressed concern over President Donald Trump’s May 30 threat to impose new tariffs on Mexico, saying the move would lead to retaliatory measures and would significantly damage U.S. manufacturers and farmers.
Flash sales of deeply discounted products can be used to determine the transaction value as long as the required provisions are met, according to the World Customs Organization Technical Committee on Customs Valuation in a recently adopted advisory opinion. Similarly, the committee said that "the discounted price could be used to determine the transaction value of identical or similar goods for which there is no transaction value" if other provisions are met, the WCO said in a news release. "This Advisory Opinion will be submitted to the WCO Council for approval at its Sessions of June 2019," the WCO said.
In the May 29 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 29 (note that some may also be given separate headlines):
Canada published a notice on refunds for surtaxes paid on steel goods that were subject to temporary safeguard duties but not final safeguards, in the Canada Gazette, Part II. "The Safeguard Surtax Refund Order provides refunds for provisional safeguard surtaxes paid on imports of rebar, energy tubular products, hot-rolled sheet, pre-painted steel and wire rod, as well as imports of heavy plate and stainless steel wire from Korea, Panama, Peru and Colombia specifically," the notice said. "Refunds are granted for such goods that have been imported on or after October 25, 2018, for which surtaxes have been collected under the Provisional Surtax Order, provided that no other relief of the surtax has been granted."