Weekly Compliance News - Around the World

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

US President signs miscellaneous tariff bill - eliminates tariffs | crowell moring

"On September 13, 2018, President Trump signed the Miscellaneous Tariff Bill (MTB) Act of 2018, which temporarily reduces or eliminates import duties on specified raw materials and intermediate products used in manufacturing that are not produced or available domestically." (Click here for the article) - USA

Danske Bank CEO quits over $234 billion money laundering scandal | Reuters

"Danske Bank’s chief executive Thomas Borgen resigned on Wednesday after an investigation revealed payments totaling 200 billion euros ($234 billion) through its small Estonian branch, many of which the bank said were suspicious." (Click here for the article) - Estonia, Russia, Denmark, European Union

U.S.’s Ross says China must decide on trade talks | CNBC

"It is up to Beijing to take the next steps on trade talks, U.S. Commerce Secretary Wilbur Ross said on Tuesday as China vowed to retaliate after U.S. President Donald Trump imposed initial duties on $200 billion worth of Chinese goods." (Click here for the article) - China, USA

US Legislation Gives BIS Greater Powers | WorldECR

"The US Department of Commerce’s Bureau of Industry and Security (‘BIS’) has been given statutory authority under the Export Control Reform Act (‘ECRA’), to control certain exports. The act was signed into law by President Trump on 13 August." (Click here for the article) - USA

Europe Moves to Target Money Laundering in Response to Scandals | WSJ

"Europe threw a one-two punch to fight money laundering on Wednesday, with the European Commission proposing enhanced powers for a regulator and lawmakers passing a package of new rules." (Click here for the article) - European Union

Foreign Bribery Rages Unchecked in over half of Global Trade | Transparency International

"Transparency International’s new report, Exporting Corruption, finds that only 11 major exporting countries - accounting for about a third of world exports - have active or moderate law enforcement against companies bribing abroad in order to gain mining rights, contracts for major construction projects, purchases of planes and other deals." (Click here for the article) - Global

Canada returning to NAFTA talks earlier than expected | CBC

"NAFTA talks are resuming at the decision-maker level sooner than expected, with Canada's foreign affairs minister set to return to Washington on Tuesday." (Click here for the article) - Canada, USA, Mexico