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.

Revised OFAC Rule Requires Rejected Transaction Reporting | OFAC

On June 21, the Department of the Treasury’s Office of Foreign Assets Control issued an interim final rule that included, among others, new requirements for all US Persons to file reports on rejected transactions. In the past the requirement to report on rejected transactions only applied to financial institutions that rejected a “funds transfer” where processing the transaction may violate OFAC’s rule. (Click here for the article) - USA

China Tariffs Working - Time for Trade Deal is Now or Never | USA Today

“With each passing week, we get more news that China’s economy is under pressure from U.S. tariffs. Growth is slowing, production has faltered and consumers are pulling back. It’s exactly the leverage President Donald Trump hoped to create to bring China to the table, and it’s time his negotiating team delivers results.” (Click here for the article) - USA, China

US Names Nigerians in Massive Fraud Investigation | BBC

“The US authorities have charged 80 people, "most of whom are Nigerian nationals", with participating in a conspiracy to steal millions of dollars, prosecutors say.” (Click here for the article) - USA, Nigeria

EU Launching New Money Laundering Blacklist | Quartz

“The EU is launching a new money laundering blacklist after it’s last one was nixed for naming Saudi Arabia.” (Click here for the article) - Europe, Saudi Arabia, British Virgin Islands, Cayman Islands

Palpinia Merger Creates World’s Second Largest Airfreight Forwarder | Air Cargo News

“DSV has announced that its acquisition of Panalpina will finally be completed today in a deal worth $5.5bn. The combined company will be recognized as DSV Panalpina and the merger will result in the creation of the second-largest airfreight provider in the world – DHL currently leads the pack.” (Click here for the article) - Global

EU and Mercosur Agree Huge Trade Deal After 20 Year Talks | BBC

“EU Commission chief Jean-Claude Juncker said it was the EU's biggest deal to date and, at a time of trade tensions between the US and China, showed that "we stand for rules-based trade. Brazil's President Jair Bolsonaro said it was "historic" and "one of the most important trade deals of all time". (Click here for the article) - Europe, Mercosur

Organic Food Fraud: 4 Farmers to be Sentenced for Misleading Organic Buyers | CBS

“Four Midwestern farmers are scheduled to be sentenced for cheating organic food buyers—the largest fraud scheme of its kind in U.S. history.” (Click here for the article) - US

New York Privacy Act Would be Tougher Than California Bill | CPO Magazine

“Just as legal experts have been predicting for nearly a year, individual U.S. states are starting to develop their own privacy legislation similar in form and content to the California Consumer Privacy Act. The first state to follow the lead of California is New York State, which has proposed new privacy legislation that would be considerably tougher than California’s bill.” (Click here for the article) - US