On 25 October, KPMG reported on the proposed new rule from the Bureau of Industry and Security (BIS) of the Department of Commerce re the imposition of export controls on certain “brain-computer interface” (BCI) emerging technology. Comments are due within 45 days.
Day: October 25, 2021
US: IN EXPORT CONTROL CASE AUTHORITIES IMPOSE CIVIL FINE AND COMPELS THE HIRING OF A COMPLIANCE OFFICIAL OR CEASE OPERATIONS
On 25 October, an article from Bass, Berry & Sims said that the Commerce Department’s Bureau of Industry and Security (BIS) had announced that it imposed a civil penalty fine against VTA Telecom Corporation for the unauthorised export of controlled commodities to Vietnam. Additionally, BIS is requiring VTA to improve its export control compliance efforts and retain a Director of Trade Compliance. Alternatively, VTA can dissolve or cease operations. VTA was found to have exported without the necessary licence computer processing chips, provided false statements to its US supplier and US Customs, and did so knowingly. The article says that what is notable about this matter is BIS’s requirement that VTA spend a specified amount of money developing an internal compliance programme (ICP) and designating a company official to oversee compliance with the EAR – or go out of business.
https://www.bassberrygovcontrade.com/bis-civil-fine-compliance-official
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GAFILAT STRATEGIC PLAN 2020 – 2025
On 25 October, the FATF-style regional body for Latin America it includes an analysis of the outcomes of the 4th Round assessments.
CAYMAN ISLANDS: AML/CFT FOLLOW-UP REPORT
On 205 October, CFATF, the FATF-style regional body for the Caribbean, published a third enhanced follow-up report and technical compliance update. As is usual with such follow-up, the report only addresses technical compliance, and not effectiveness. It is said that the Cayman Islands has been under enhanced monitoring since the adoption of its Mutual Evaluation Report of November 2018. It says that it has re-rated the country in relation to Recommendation 15 – New Technologies from Partially Compliantto Largely Compliant; and that the Cayman Islands is Compliant with 22 of the 40 FATF Recommendations and Largely Compliant on 18 of them. The Cayman Islands will remain in enhanced follow-up on the basis that it had a low or moderate level of effectiveness for 7 or more of the 11 effectiveness outcomes, and will continue to report back to the CFATF on progress to strengthen its implementation of AML/CFT measures.
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SUDAN: ARMY DETAINS PRIME MINISTER AND OTHER CIVILIAN LEADERS IN COUP ATTEMPT
On 25 October, the Guardian reported that Sudan’s military has launched a coup, arresting leading politicians and declaring a state of emergency. Sudan has been on edge since a failed coup plot last month.
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UK PHONE NETWORKS TO BLOCK SCAM CALLS FROM ABROAD
On 25 October, the Guardian reported that phone providers are to automatically block online calls from abroad that are made to look as if they come from UK numbers, as part of efforts to crack down on a rise in foreign scams. It is also reported that the regulator was also considering whether customers should be forced to show ID when buying multiple sim cards, which can be used by fraudsters to send millions of text messages to victims.
https://www.theguardian.com/business/2021/oct/25/uk-phone-networks-scam-calls-abroad
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