NEW DEVELOPMENTS IN U.S. INVESTMENT SECURITY, SANCTIONS LAWS
October 25, 2019
The Trump Administration announced a number of updates this month as part of its continuing agenda of reviewing and extending U.S. foreign investment laws and sanctions programs. The principal development was the release of draft regulations by the Committee on Foreign Investment in the United States (CFIUS or Committee), which is the Treasury Department’s bureau that examines foreign investment and national security. In general, the CFIUS process may apply to foreign companies that purchase significant shares of U.S. business dealing in high-tech industry, large-scale data collection, infrastructure, or real estate near sensitive military and government installations.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) also published an update to its Cuban Assets Control Regulations (CACR). The changes affect “U-turn” bank transactions and also limit remittances that may be sent to Cuba. On the same day, OFAC issued Venezuela-related General License 34, which carves out U.S. citizens, permanent residents, visa holders, and former employees of the Government of Venezuela from the ban on dealing with the Venezuelan government that was imposed under Executive Order 13884 of August 5, 2019.
If you have any questions, please contact Evelyn Sahr (esahr@eckertseamans.com or 202-659-6622); Drew Derco (dderco@eckertseamans.com or 202-659-6665), or Alexander Matthews (amatthews@eckertseamans.com or 202-659-6633).
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