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9/8/2017 - Alert
Kirkland & Ellis LLP
The Trump Administration Sharpens Secondary Sanctions — China and Russia Are On Notice
As recently as July 25, 2017, in a wide-ranging interview with the Wall Street Journal, President Trump suggested a willingness to offer trade-related inducements to China in return for China's assistance in peacefully resolving the North Korea problem. In recent weeks, however, as the threat from North Korea has intensified, the Trump administration has signaled a shift in tactics in dealing with China, North Korea's principal economic partner and strategic ally, and Russia.
5/12/2017 - Alert
Kirkland & Ellis International LLP
[English] Individuals with Ties to China Targeted in FCPA Enforcement in 2016
In 2016, both the U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange Commission (SEC) increased enforcement against individuals for FCPA violations.
5/12/2017 - Alert
Kirkland & Ellis International LLP
[Simplified Chinese] Individuals with Ties to China Targeted in FCPA Enforcement in 2016
In 2016, both the U.S. Department of Justice (DOJ) and the U.S. Securities and Exchange Commission (SEC) increased enforcement against individuals for FCPA violations.
4/14/2017 - Alert
Kirkland & Ellis LLP International
New Draft China Cybersecurity Regulation on Cross-Border Data Transfer
China’s much-anticipated new Cybersecurity Law will take effect on June 1, 2017. Of greatest concern to multinational companies is the data localization requirement imposed on Critical Information Infrastructure Operators (“CIIOs”).
3/20/2017 - Alert
Kirkland & Ellis LLP
[English] Macau’s New Anti-Money Laundering Rules Send Warnings to U.S.-Based Casinos with Operations in Macau
Effective May 13, 2016, the Gaming Inspection and Coordination Bureau of Macau promulgated Instruction No. 1/2016, entitled “Preventive Measures Against Crimes of Money Laundering and Terrorist Financing” (the “New Instruction”). The New Instruction aims to bring Macau’s AML regulatory regime closer to international standards through imposing regulations over junket operators and more comprehensive internal control requirements over casinos and junket operators.
3/20/2017 - Alert
Kirkland & Ellis LLP
[Simplified Chinese] Macau’s New Anti-Money Laundering Rules Send Warnings to U.S.-Based Casinos with Operations in Macau
Effective May 13, 2016, the Gaming Inspection and Coordination Bureau of Macau promulgated Instruction No. 1/2016, entitled “Preventive Measures Against Crimes of Money Laundering and Terrorist Financing” (the “New Instruction”). The New Instruction aims to bring Macau’s AML regulatory regime closer to international standards through imposing regulations over junket operators and more comprehensive internal control requirements over casinos and junket operators.
3/20/2017 - Alert
Kirkland & Ellis LLP
[Traditional Chinese] Macau’s New Anti-Money Laundering Rules Send Warnings to U.S.-Based Casinos with Operations in Macau
Effective May 13, 2016, the Gaming Inspection and Coordination Bureau of Macau promulgated Instruction No. 1/2016, entitled “Preventive Measures Against Crimes of Money Laundering and Terrorist Financing” (the “New Instruction”). The New Instruction aims to bring Macau’s AML regulatory regime closer to international standards through imposing regulations over junket operators and more comprehensive internal control requirements over casinos and junket operators.
11/22/2016 - Alert
[English] New York State Department of Financial Services Fines Mega Bank and its New York Branch $180 Million for Alleged Violations of State Anti-Money Laundering Laws
Mega International Commercial Bank Co., Ltd. (“Mega Bank”) is a Taiwan-based international financial institution with approximately $103 billion in assets, including $9 billion at its New York branch (“New York Branch”). During a recent examination, regulators from the New York State Department of Financial Services (“NYDFS”) discovered numerous deficiencies in Mega Bank’s Anti-Money Laundering Laws (“AML”) compliance function. On August 19, 2016, the NYDFS entered into a consent order with Mega Bank and its New York Branch in which Mega Bank agreed to pay $180 million penalties and install an independent monitor for alleged violations of New York State AML requirements.
11/22/2016 - Alert
[Simplified Chinese] New York State Department of Financial Services Fines Mega Bank and its New York Branch $180 Million for Alleged Violations of State Anti-Money Laundering Laws
Mega International Commercial Bank Co., Ltd. (“Mega Bank”) is a Taiwan-based international financial institution with approximately $103 billion in assets, including $9 billion at its New York branch (“New York Branch”). During a recent examination, regulators from the New York State Department of Financial Services (“NYDFS”) discovered numerous deficiencies in Mega Bank’s Anti-Money Laundering Laws (“AML”) compliance function. On August 19, 2016, the NYDFS entered into a consent order with Mega Bank and its New York Branch in which Mega Bank agreed to pay $180 million penalties and install an independent monitor for alleged violations of New York State AML requirements.
11/22/2016 - Alert
[Traditional Chinese] New York State Department of Financial Services Fines Mega Bank and its New York Branch $180 Million for Alleged Violations of State Anti-Money Laundering Laws
Mega International Commercial Bank Co., Ltd. (“Mega Bank”) is a Taiwan-based international financial institution with approximately $103 billion in assets, including $9 billion at its New York branch (“New York Branch”). During a recent examination, regulators from the New York State Department of Financial Services (“NYDFS”) discovered numerous deficiencies in Mega Bank’s Anti-Money Laundering Laws (“AML”) compliance function. On August 19, 2016, the NYDFS entered into a consent order with Mega Bank and its New York Branch in which Mega Bank agreed to pay $180 million penalties and install an independent monitor for alleged violations of New York State AML requirements.
10/17/2016 - Alert
Kirkland & Ellis LLP
Dealmakers, Take Note: GAO to Study CFIUS at Congress' Urging
On October 3, 2016, the U.S. Government Accountability Office (“GAO”) announced that it would undertake an assessment of the Committee on Foreign Investment in the United States (“CFIUS”) review process to evaluate “how the current statutory and administrative authorities of the Committee on Foreign Investment in the United States have kept pace with the growing scope of foreign acquisitions in important economic sectors in the United States.” The GAO’s statement responds to a September 15 letter from 16 Members of Congress calling on the GAO to examine the advisability of identified enhancements to CFIUS’ authority and jurisdictional ambit.
6/2016 - Alert
Kirkland & Ellis LLP
[Simplified Chinese] Iran Sanctions: A New Era Announced
On January 16, 2016, the U.S. and EU announced that a number of sanctions on Iran have been lifted under the Joint Comprehensive Plan of Action (“JCPOA”), following verification by the International Atomic Energy Agency that Iran has met its initial commitments to scale back key aspects of its nuclear program (“Implementation Day”).
1/22/2016 - Alert
Kirkland & Ellis LLP
China’s National Development and Reform Commission Signals Three Major Trends in Anti-Monopoly Law Enforcement in Latest Penalty Decisions
China’s National Development and Reform Commission (“NDRC”) issued its final penalty decisions against eight international shipping companies on December 31, 2015, after an investigation into their alleged price-fixing and market-sharing agreements that lasted almost a year and a half.
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