A third-party supplier to a major multi-channel electronic retailer pled guilty in U.S. federal court to the criminal charge of intentionally defrauding the United States of more than $1 million in customs duties. The supplier, Fai Po Jewellery (H.K.) Co., Ltd. (“Fai Po”), was ordered to pay nearly $2 million in criminal fines and restitution and placed on probation for a period of three years.(1) Click here to read the full client alert.
John F. McKenzie recently authored an article entitled “Foreign Corrupt Practices Act Compliance Issues for Import/Export Operations” which was published in The International Trade Lawyer. AbstractA leading issue in international corporate compliance is the Foreign Corrupt Practices Act (“FCPA”) and related anti-corruption legislation in various countries. Based on press reports of celebrated cases and compliance investigations, most of the attention devoted to FCPA compliance on the part of corporate counsel, compliance officers, enforcement authorities and…
Over the weekend, Iran and the E3+3 countries (i.e., China, France, Germany, Russia, United Kingdom, United States) announced a provisional deal, the Joint Plan of Action (“JPA”), to address Iran’s nuclear programme, in an important step towards a long-term reduction in tensions between the West and Iran. The JPA envisages a gradual suspension of sanctions to be rolled out in various phases, in return for commitments from Iran on enrichment, non-proliferation and inspection. Click here…
Our firm recently conducted a worldwide study examining third-party risks in supply chains, and we released a report on the results this morning. The Companies You Keep report shows that companies are increasingly concerned about how third-party vendors could affect their reputation. The report also offers guidance for minimizing such risks.
On 10 October 2013, the Official Journal published Regulation (EU) No 952/2013 of the European Parliament and of the Council of 9 October 2013 laying down the Union Customs Code (recast). The new Union Customs Code (UCC) will enter into force on 30 October 2013 following its endorsement by the European Parliament on 20 September 2013. Articles listed in paragraph 1 of Article 288 shall apply from that date. However, articles other than those referred…
Government regulatory agencies have approached the fiscal shutdown of the Federal Government in different ways. We have listed the various websites below with their status as of October 3, 2013, and any messages regarding currency of the site: 1. Animal and Plant Health Inspection Service (APHIS) and US Department of Agriculture: “Due to the lapse in federal government funding, this website is not available. After funding has been restored, please allow some time for this…
On September 8, 2013, the head of the Ministry of Finance and Public Credit, Luis Videgaray Caso, submitted to the House of Representatives of the Mexican Congress the 2014 Economic Package and a substantial tax and social security reform, proposed by President Enrique Peña Nieto. As part of the tax reform, the initiative will seek to amend, among others, the Customs Law, Value Added Tax Law (VAT Law), and the Special Tax on Production and…
A new Union Customs Code will enter into force on 1 November 2013 following its endorsement by the Europen Parliament on 20 September 2013 (the “UCC”). The changes to the EU customs rules and procedures envisaged by the UCC are potentially far reaching. However these changes will not be rolled-out until the date set by the implementing provisions to the UCC which have yet to be adopted. It is expected that the UCC changes will…
The successful appeal brought by the Islamic Republic of Iran Shipping Line (“IRISL”) and a number of its subsidiaries to the General Court of the European Union ( the “General Court”) is the latest in a number of actions brought by Iranian companies against restrictive measures imposed on them by virtue of their listing as a designated person under the EU Iran sanctions. Click here to read the full client alert.
On September 8, 2013 the Mexican President, Enrique Peña Nieto submitted to the House of Representatives of the Mexican Congress a bill with a substantial tax reform (Tax Reform). This Tax Reform proposes, changes and additions to the income tax (including maquila operations), value added tax, single rate tax and cash deposit tax, special production and services tax, the green tax and the Federal Tax Code (among many other important topics).Our Mexico Tax Practice has…