The European Union renewed its sanctions against the Republic of Guinea for one year, until Oct. 27, 2021, the EU said Oct. 26. The regime places asset freezes on five people.
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The Committee on Foreign Investment in the U.S. is placing more of an emphasis on enforcement and outreach after the committee’s jurisdiction was expanded earlier this year, trade lawyers said. The lawyers also said they are noticing more transactions being notified to CFIUS, especially those that involve personal data and critical technologies.
Turkey recently amended its customs regulations to address situations wherein certificates of origins are not attached to a declaration, KPMG said in an Oct. 20 post. In those situations, the country’s government will allow traders to submit the certificate to the customs authority within six months, KPMG said. The change took effect Oct. 20.
The European Union applauded the ceasefire agreement in Libya but threatened sanctions if the fighting continues or if the United Nations arms embargo against Libya is violated, the EU said Oct. 25. “The European Union and its Member States call on all international and regional actors to support the Libyan efforts unequivocally, refrain from foreign interference in the Libyan conflict and stop the violations of the UN arms embargo,” the EU said. “In this regard, the EU recalls its instrument of sanctions against possible spoilers.” The EU recently designated a Russian businessman for violating the embargo (see 2010150010).
The Financial Crimes Enforcement Network issued a proposed rule to revise the threshold requiring banks to “collect and retain information on certain funds transfers and transmittals of funds,” the agency said Oct. 27. The change would reduce the threshold from $3,000 to $250 for funds transfers that begin or end outside the U.S., FinCEN said, and would also reduce the threshold that requires banks to transmit to other financial institutions in the payment chain “information on funds transfers and transmittals of funds” that begin or end outside the U.S. The rule also proposes to clarify the definition of “money … to ensure that the rules apply to domestic and cross-border transactions involving convertible virtual currency” as well as “digital assets that have legal tender status.” Comments on the rule, which was proposed by FinCEN and the Board of Governors of the Federal Reserve System, are due Nov. 27.
The United Kingdom and Taiwan pledged during virtual talks last week to build stronger trade ties and agreed to continue discussing removing barriers in the agricultural and pharmaceutical sectors, the U.K. said Oct. 26. The U.K.’s Department for International Trade said it made “progress” on market access for U.K. lamb in Taiwan and aims to “resolve [other] market access issues between our economies.”
The United Kingdom and Japan officially signed a trade agreement (see 2009110022) that will take effect when the U.K. leaves the European Union Jan. 1, 2021. The U.K. on Oct. 23 issued a summary of benefits for U.K. businesses under the deal and a parliamentary report on maintaining the trade relationship after Brexit. Along with reducing tariffs, the U.K. said the deal addresses items including intellectual property rights, technical barriers to trade, sanitary and phytosanitary measures, dispute settlement and customs facilitation.
Mongolia will officially join the Asia Pacific Trade Agreement in January 2021, benefiting from reduced-tariff trade with China, Bangladesh, India, South Korea, Laos and Sri Lanka, China’s Ministry of Commerce said in an Oct. 26 notice. China said Mongolia will reduce tariffs on 366 items, according to an unofficial translation of the notice, including “aquatic products,” vegetables, fruits, oils, certain chemicals, woods, cotton, yarn and machinery.
China said it will sanction three U.S. aerospace and defense companies for their arms sales to Taiwan, saying the exports “seriously undermine” China’s national security. The sanctions will target Lockheed Martin, Boeing and Raytheon for their involvement in $1.8 billion worth of arms sales to Taiwan, which was announced by the State Department Oct. 21 (see 2010220020). A China Foreign Ministry spokesperson said Oct. 26 the country will also sanction “U.S. individuals and entities who played an egregious role in the process.” China did not say what the sanctions will entail.