Monday Compliance News - Around the World

GCSG's Monday Compliance News is a compilation of some of the previous week's interesting trade compliance, anti-bribery/corruption, fraud, and due diligence news bites, from around the world.

The TSCA Inventory Reset Clock to Start Ticking | National Law Review

"Virtually all manufacturers and importers of chemicals for the past 11 years are now subject to a new TSCA reporting requirement known informally as the TSCA Inventory Reset.  Reports will be due six months after the final rule is published.  All processors of chemicals have an opportunity and an incentive to report as well.  EPA released a prepublication version of the final Inventory Reset rule on June 22, 2017." (Click here for the article) - USA

Congress takes action against shell companies amid scandal | NY Post

"Congress is taking action against shell companies doing mysterious — sometimes nefarious — dealings such as the Malaysian sovereign wealth fund 1MBD, which ensnared Goldman Sachs and its Asian chief, Tim Leissner, in a scandal." (Click here for the article) - USA, Malaysia, Singapore

Japan, EU on cusp of free trade agreement after US TPP Rebuff | Reuters

"Japan and the European Union are on the cusp of a wide-ranging free trade agreement that could help blunt the forces of protectionism sparked by U.S. President Donald Trump's trade policies. " (Click here for the article) - Japan, Europe, USA

France's total set to invest $1 billion in giant Iranian gas field | WSJ

"France’s Total SA said it will sign a deal on Monday that completes a $1 billion investment in a giant Iranian gas field, capping months of negotiations over the first big move by a Western oil company into the country in years." (Click here for the article) - France, Iran

Philly DA Seth Williams pleads guilty, goes to prison |

"Philadelphia District Attorney Seth Williams abruptly resigned his office and agreed to plead guilty Thursday in a surprise move that ended a federal bribery trial that had dragged messy details about his personal life into the open, and had cast a deepening shadow over the final days of his once-promising political career.” (Click here for the article) - USA

Tax intermediaries soon required to disclose aggressive tax arrangements? | Loyens Loeff

"On 21 June 2017, the European Commission submitted a proposal for a Council Directive introducing MDR for intermediaries regarding reportable cross-border tax planning arrangements. The proposal also provides for an automatic exchange of the reported information to other Member States. The proposal forms part of the many EU initiatives to tackle tax abuse and ensure fairer taxation in the EU." (Click here for the article) - Europe

UK crime agency readies for asset recovery powers | WSJ

"The U.K. remains a favored destination for politically-exposed persons and money-launderers, with technological developments such as crypto currencies and e-wallets offering fraudsters new ways to commit crime and evade law enforcement, according to a recent report by the National Crime Agency. On the good guys’ side, though, the Criminal Finances Bill will help recover proceeds of crime and encourage greater information sharing to track money laundering, the report said." (Click here for the article) - Europe

Germany bolsters China ties as Trump policies raise concern | WSJ

"German Chancellor Angela Merkel and China’s President Xi Jinping pledged to boost economic cooperation between their countries as they met ahead of international summit." (Click here for the article) - Germany, China, USA

Shipper's Law: US government settles with Agility | American Shipper

"Agility Public Warehousing Co. K.S.C. (Agility) reached a final settlement in May with the United States government, resolving criminal, civil and administrative cases arising from allegations that it overcharged the U.S. when performing contracts with the Department of Defense (DOD) to supply food for U.S. military troops from 2003 to 2010." (Click here for the article) - USA

German logistics group to enter Australian market | Logistics Magazine

"German logistics specialist the Rhenus Group signed an agreement to purchase Australian freight forwarding company O’Brien Customs and Forwarding Pty Ltd on 16 June, as part of its expansion strategy in the Asia-Pacific region." (Click here for the article) - Germany, Australia

Japan, European Union strike new trade deal | WSJ

"Japan and the European Union agreed on the terms of a new trade deal, hours before U.S. President Donald Trump was expected to clash with them and other world officials over how global trade works." (Click here for the article) - Japan, Europe, USA

Russia sanctions bill hits new hurdle in House | Politico

"As President Donald Trump prepares to meet Vladimir Putin, a bipartisan congressional attempt to constrain Trump's ability to warm up to Russia is running into new trouble." (Click here for the article) - USA, Russia

Trump plans to make America dominant energy player | Epoch Times

"Abundance and dominance are key words for the Trump administration’s new energy policy. Speaking on June 29 at an event at the Department of Energy, “Unleashing American Energy,” President Donald Trump recalled how in the past 40 years, Americans have heard “constant claims that the world was running out of oil and natural gas.” Americans, Trump said, have been told the energy crisis could only be solved through “Draconian restrictions.” (Click here for the article) - USA

Ships exporting Iranian oil go dark, raising sanctions red flags | WSJ

"Ships transporting almost a fifth of Iran’s oil exports in the second half of last year either turned off their radio-signal tracking systems or gave misleading information about the origin of their cargo, red flags for governments seeking evidence of evasion of international sanctions against Tehran." (Click here for the article) - Iran, United Arab Emirates, UK, USA

Caterpillar faces new questions in probe | WSJ

"Federal investigators believe Caterpillar Inc. failed to submit numerous required export filings with the government in recent years, adding to questions facing the manufacturing giant, people familiar with the matter said." (Click here for the article) - USA, Switzerland

South Korea police raid Korean Air headquarters over chief's' decorating bill | Reuters

"Police raided the headquarters of Korean Air Lines Co Ltd on Friday as part of an investigation into allegations that company funds were used to pay for construction work at the home of Chairman Cho Yang-ho." (Click here for the article) - South Korea

Former Audi engine manager charged in emissions scandal | WSJ

"A former engine-development manager at Audi was charged in the U.S. for his role in a wide-ranging emissions scandal at Volkswagen that has already led to the indictment of seven others and a $2.8 billion criminal fine for the German auto maker, U.S. authorities said Thursday." (Click here for the article) - USA, Germany

European Union extends Russia sanctions until Jan 2018 | Reuters

"The European Union formally extended its economic sanctions on Russia on Wednesday, a widely expected step that keeps restrictions on business with Russian energy, defense and financial sectors until Jan. 31, 2018." (Click here for the article) - Europe, USA, Russia