On March 30 – 31, 2017, Cleary Gottlieb hosted a conference on The Future of Trade Defence Instruments: Global Policy Trends and Legal Challenges. The event was jointly organized together with the University of Passau, the Europa-Institut Saarbrücken, the Institute of European and International Economic Law & the World Trade Institute – University of Berne.
Continue Reading Cleary Gottlieb Hosts Trade Defence Conference in Brussels
On March 14, 2017, France adopted a decree detailing the organization and functioning of its new anti-corruption authority, including its sanctions commission. The broad powers vested in this new agency are part of a series of sweeping measures adopted by the so-called “Sapin II” law of December 9, 2016. These measures strengthen France’s anti-corruption legislation, and have far-reaching consequences for French and foreign groups.
Continue Reading France Implements Sweeping Anti-Corruption Reform
The UK Government intends to trigger Article 50 TEU by the end of March. This effectively means that the UK will therefore exit the EU by March 2019, unless there is an extension.
In a speech delivered on January 17, Prime Minister (“PM”) May explained that the UK would not seek to be part of the EU’s customs union, but would instead look to establish a “comprehensive” trade agreement with the EU. In tandem, she noted that the UK would no longer accept the jurisdiction of the European Court of Justice.
On Friday, January 13, the Obama Administration announced that sanctions against Sudan will be suspended (via issuance of a general license) on Tuesday, January 17. The President also issued an Executive Order eliminating the Sudan sanctions program in six months’ time, on July 12, 2017, if the Secretary of State (in consultation with the heads of other relevant agencies) certifies that the Government of Sudan has continued its positive actions in ending armed conflict in Sudan, improving humanitarian access, and cooperating in the fight against terrorism.
On January 11, 2017, a bipartisan group of senators introduced a draft bill that, if adopted, would cement and significantly broaden U.S. sanctions relating to the Russian Federation and Ukraine. The authors have dubbed the bill the “Counteracting Russian Hostilities Act of 2017,”[1] but the scope of the bill goes well beyond recent allegations of cyber activities said to have targeted the U.S. presidential election. The bill appears to have broad support, but the position of the Senate Republican leadership is not yet clear, nor is that of the incoming Trump Administration. It is theoretically possible, though not likely, that the bill could be enacted during the last days of the Obama Administration. Amendments prior to enactment are also possible.
On October 7, 2016, the President issued a new Executive Order, “Termination of Emergency with Respect to the Actions and Policies of the Government of Burma,” which, together with related actions by the President, OFAC, and FinCEN, terminates U.S. sanctions against Myanmar. As a result:
While the Burmese Sanctions Regulations are no longer in effect, please note that:
On March 30, France released a draft bill (so-called “Sapin II” bill) aimed at strengthening its anti-corruption legislation. If adopted, this reform will have far-reaching consequences for French and foreign groups.
Under French law, corruption, including active and passive bribery (corruption) and influence peddling (trafic d’influence), is a criminal offense punishable by up to 10 years imprisonment and fines of up to €1,000,000 for individuals and €5,000,000 for legal entities as well as ancillary sanctions. However, under the current regime, companies are under no obligation to take affirmative steps to prevent corruption. Furthermore, French authorities have limited legal means to prosecute acts of corruption committed outside of France. As a result, the current framework has long been viewed as being deficient, ineffective and generally below international standards, particularly when compared to the U.S. Foreign Corrupt Practices Act (“FCPA”) and UK Bribery Act (2010) (“UKBA”). In 2014, both the European Commission and the OECD invited France to adopt and enforce effective anti-corruption laws.
Continue Reading France Introduces Sweeping Anti-Corruption Reform
Recent developments in economic sanctions and export controls administered by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) provide for the incremental easing of sanctions in support of the President’s rapprochement with Cuba while responding to the growing threat from North Korea by imposing comprehensive sanctions. Section I of this memorandum addresses recent actions taken by BIS and OFAC to expand access to Cuba. Section II outlines the new restrictions on dealings with North Korea.
Continue Reading United States Ratchets Up North Korean Sanctions
On January 27, 2016, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) released revised Cuban Assets Control Regulations (“CACR”) to continue implementing policy changes announced by President Obama on December 17, 2014[1] and initiated on January 16, 2015. In a coordinated action, the U.S. Department of Commerce’s Bureau of Industry and Security (“BIS”) issued a rule updating U.S. export controls to facilitate permitted activities.[2] These revisions follow prior amendments to the OFAC and BIS regulations regarding Cuba published on September 21, 2015. The revised regulations, effective January 27, 2016, continue to ease U.S. sanctions on Cuba. General travel and tourism in Cuba remain prohibited to persons acting within U.S. jurisdiction, as does most commercial and financial activity.
Continue Reading U.S. Continues Incremental Easing of Cuban Sanctions
On January 16, 2016, following a favorable report from the International Atomic Energy Agency, the P5+1 powers (the United States, United Kingdom, China, France, Russia, and Germany) and Iran declared that “Implementation Day” had occurred under the Joint Comprehensive Plan of Action (“JCPOA”), bringing into force agreed relief from sanctions against Iran.[1] The scope of relief was largely as expected, but the timing of the declaration was significantly earlier than unofficial estimates provided last year by U.S. officials.
Continue Reading Implementation of Sanctions Relief for Iran
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