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 and corruption, fraud, and due diligence news bites, from around the world.

China’s #2 Auditor Accused of Faking Data; Client’s IPOs Halted | Yicai Global

“China's securities regulator has suspended 43 initial public offerings and refinancing cases being handled by the country's second-largest accounting firm, including IPOs on the country's new Nasdaq-style trading venue, as the company is probed for allegedly falsifying information.” (Click here for the article) - China

Trump Administration, Democrats Make Progress on New NAFTA | AP News

“Congressional Democrats appear to be moving from “no way” to “maybe” on President Donald Trump’s rewrite of a trade pact with Canada and Mexico.” (Click here for the article) - US, Canada, Mexico

Increase in Trade Circumvention Practices to Evade US Tariffs on Chinese Imports | Resilience 360

“Over recent weeks, several alleged cases of trade circumvention by foreign companies, mostly believed to be from China, have been reported in Vietnam and Cambodia. These companies are allegedly transshipping and re-routing exported goods through third-party countries in a bid to evade U.S. tariffs during a period of ongoing trade tensions between the United States and China.” (Click here for the article) - US, China, Cambodia, Vietnam

Chinese Billionaire Indicted on Charges of Evading Nearly $2 Billion in Tariffs | Wall Street Journal

“A powerful Chinese billionaire has been indicted by a federal grand jury on charges that he evaded nearly $2 billion in tariffs as part of a conspiracy to smuggle massive quantities of aluminum into the U.S.” (Click here for the article) - US, China, Mexico

ICC Announces Launch Date for Incoterms® 2020 | ICC

“The International Chamber of Commerce (ICC) will release Incoterms® 2020 in early September 2019, providing certainty and clarity to businesses trading across borders everywhere.” (Click here for the article) - Global

Inside the Lose-Lose Trade Fight Between Japan and South Korea | Nikkei Asian Review

“As Japan’s controls on chemical exports threaten South Korea’s high-tech sector, politicians and businesses are digging in for the long haul.” (Click here for the article) - Japan, South Korea, US, China

Trump Announces 10% Tariffs on $300 Billion of Chinese Goods | Nikkei Asian Review

“U.S. President Donald Trump said Thursday that he will impose additional 10% tariffs on $300 billion worth of Chinese imports starting Sept. 1, blaming Beijing's foot-dragging on agricultural purchases and other promises made during previous negotiations.” (Click here for the article) - US, China