Sen. Rick Scott, R-Fla., introduced a companion bill Aug. 1 to House legislation that would require the Treasury Department to designate foreign entities that run large-scale scams on Americans as Foreign Financial Threat Organizations (see 2506020044). The Strengthening Targeting of Organized Predatory Scammers Act, or the Stop Scammers Act, would authorize Treasury to freeze the assets of such organizations. Scott’s bill was referred to the Senate Banking Committee.

The Treasury Department’s Financial Crimes Enforcement Network is asking banks and other financial institutions to be aware of cybercriminals, drug-trafficking groups and others using convertible virtual currency kiosks for illegal activity. They use the kiosks -- which act as ATM-like devices that allow customers to exchange real currency for virtual currency -- to send payments under “false pretenses,” launder drug money and execute other activities that may violate FinCEN’s rules to counter money laundering and financing of terrorism. The agency's alert includes a list of red flags that banks should monitor and asks financial institutions to submit suspicious activity reports to FinCEN with the key term “FIN-2025-CVCKIOSK” if they suspect a transaction may be tied to illegal use of the kiosks.

Estonia has recently seen an uptick in shipments of imported plywood that it suspects of violating EU sanctions against Russia, the country’s tax and customs agency said this month.

The White House this week extended a national emergency that authorizes certain export control regulations. It was renewed for one year beyond the original Aug. 17 expiration.

Taiwanese authorities have detained three people after accusing them of stealing technology trade secrets from Taiwan Semiconductor Manufacturing Co., according to multiple reports. The Taiwan High Prosecutors Office said Taiwan detained the people late last month after a TSMC internal investigation revealed that former and current employees had illegally obtained information from the company, Reuters reported. TSMC fired the workers, who allegedly stole sensitive chip technology, Nikkei Asia reported.

The Bureau of Industry and Security sent a final rule for interagency review that would revise Biden-era regulations that increased restrictions on firearms exports. The rule, sent for review Aug. 4, is expected to reverse some of those restrictions amid lobbying from gun industry advocates (see 2505290012). Commerce Secretary Howard Lutnick said in June that the Biden-era rule was "inconsistent with our views" (see 2506050050).

Export Compliance Daily is providing readers with the top stories from last week, in case you missed them. You can find any article by searching for the title or by clicking on the hyperlinked reference number.

The U.S. last week arrested and accused two Chinese nationals of using a California-based company to illegally export tens of millions of dollars' worth of advanced AI semiconductors to China, including by first transshipping the chips through Malaysia and Singapore.

U.S. allies, including in Europe, may back away from their plans to de-risk from China if they continue to see the Trump administration use export controls as a bargaining chip in trade negotiations with China, a panelist said during an event this week hosted by the Center for a New American Security. Others said they’re skeptical about the sustainability of the trade deals announced by the U.S. last week, especially those that commit other countries to large purchases of American goods.

Switzerland's government said it will continue negotiations in the hopes of avoiding 39% U.S. tariffs that begin Aug. 8, which it says will apply to 60% of its exports. Pharmaceuticals, a major product from Switzerland, are not subject to reciprocal tariffs.