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.

Retaliatory tariffs on US chem exports to China threaten $18Bn in economic harm | ICIS

"The $11Bn worth of tariffs on US chemical exports enacted by China put almost $18Bn in domestic activity at risk along with nearly 55,000 US jobs..." (Click here for the article) - USA, China

New Sanctions Against Russia Have Unfavorable Impact on Defense Sector | BakerHostetler

"the U.S. State Department published new sanctions against Russia based on the Chemical and Biological Weapons Control and Warfare Elimination Act of 1991 after determining that the government of Russia had used chemical weapons in violation of international law..." (Click here for the article) - USA, Russia

Trump Rejects EU Offer to Remove Tariffs on Industrial Goods | ST&R Trade Report

"President Trump said Aug. 30 that a European Union offer to remove all tariffs on two-way trade in automobiles and other industrial goods is "not good enough."  (Click here for the article) - USA, European Union

'Urgency' for Asia Pacific mega trade deal | CNBC

"While the administration of U.S. President Donald Trump is considering slapping another $200 billion in tariffs on Chinese goods, 16 economies in Asia Pacific are racing to conclude a mega trade deal that would become the largest trading bloc in the world." (Click here for the article) - 10 ASEAN nations plus China, Japan, South Korea, India, Australia, New Zealand, 

EU lifts five-year old restrictions on solar panels from China | South China Morning Post

"The European Union will end its five-year-old restrictions on solar panel imports from China, officials said on Monday, as Brussels and Beijing increase their own trade cooperation in the face of protectionist steps from the United States." (Click here for the article) - EU, China

Kim struggles to revive North Korean economy battered by sanctions | Nikkei Asian Review

"In the two and a half months since his historic summit with U.S. President Donald Trump, North Korean leader Kim Jong Un has temporarily shelved de-nuclearization talks in favor of inspecting farms and factories to underscore his focus on improving an economy hamstrung by years of sanctions." (Click here for the article) - USA, North Korea, South Korea

Trump reportedly wants to hit China with tariffs on $200Bn worth of goods | Business Insider

"Bloomberg reported Thursday that Trump had told aides that he wants to follow through on a threat to impose tariffs on another $200 billion worth of Chinese goods as early as next week. That would mean more than half of all Chinese imports would be subject to tariffs." (Click here for the article) - USA, China

China may soon regret slapping tariffs on US soybeans | CNN Money

"One of China's major moves in the trade war with the US is in danger of backfiring on its own farmers.  They're facing a potential shortage of soybeans, one of China's biggest imports from the United States, after Beijing slapped a 25% tariff on them last month in retaliation for US tariffs on a swath of Chinese goods." (Click here for the article) - USA, China

Former DP World Manager must pay Dh5 million fine over bribe plot | The National UAE

"A former DP World manager who sought bribes from two companies in exchange for helping them win lucrative construction projects has had her 18-month jail term upheld – and been told she must still pay a fine of nearly Dh5 million." (Click here for the article) - UAE

Wells Fargo bankers fired after falsifying dinner receipts | Fox Business

"Yet another scandal has reportedly broken out at Wells Fargo.  The bank has fired or suspended at least a dozen employees at its investment bank - Wells Fargo Securities - over allegations these individuals doctored after-hours dinner receipts..." (Click here for the article) - USA

An overview of the Danske Bank money laundering scandal | Berlingske Business

"Berlingske has spent more than a year investigating the extensive money laundering at Danske Bank. Here is an overview of the case – with links to the most important articles (some are in Danish)...For years, large and deeply suspicious money flows were channelled unhindered through Danske Bank’s branch in Estonia – in what experts say was in breach of anti-money laundering laws." (Click here for the article) - Denmark, Estonia, Russia