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The United Kingdom (UK) announced that it will be implementing a Carbon Border Adjustment Mechanism (CBAM) by 2027, joining, among others, the European Union whose own CBAM entered its transitional phase in October with the first reporting period set to end on January 1, 2024. The UK CBAM will place a carbon price on some of the most emissions-intensive industrial goods imported to the UK from the aluminum, cement, ceramics, fertilizer, glass, hydrogen, iron and steel sectors, with the precise list to be provided sometime in 2024 after additional consultations. The liability applied by the CBAM will depend on the greenhouse gas emissions intensity of the imported good and the gap between the carbon price applied in the country of origin (if any) and the carbon price that would have been applied had the good been produced in the UK. CBAM liability will lie directly with the importer of imported products within the scope of the UK CBAM on the basis of emissions embodied in those goods. Further details will be provided in 2024 also after additional consultations. Exporters of products to the U.K., and to the European Union as well, will need to become familiar with these mechanisms, as their customers in these countries will be needing detailed information on the greenhouse gas emissions intensity of the products they import.
A multinational organization based in Bangkok, Thailand, has agreed to pay $20,000,000 to settle potential civil liability for 467 apparent violations of OFAC sanctions on Iran. Between 2017 and 2018, the company facilitated $291 million in wire transfers through U.S. financial institutions for the sale of Iranian-origin high-density polyethylene resin (HDPE), manufactured by a joint venture involving the parent company in Iran. HDPE is a robust resin used in various plastic products such as food and beverage containers, shampoo bottles, and industrial items. Concurrently, the company initiated U.S. dollar wire transfer transactions to settle the joint venture’s debts to third-party vendors.
BIS has released the newest iteration of their guidance on export enforcement. The “Don’t Let This Happen to You” guidance document is dated March 2024 and is 76 pages of important guidance for the export community. The opening letter states “Export controls have never been more important to our collective security interests than they are today.” Follow the link below to check out more details!
The U.S. Customs and Border Protection (CBP) has issued a Withhold Release Order (WRO) against work gloves manufactured in a Chinese company and its subsidiaries, based on evidence suggesting the use of convict labor. This action is part of the U.S. government's efforts to combat forced labor globally. With nearly 28 million workers suffering under such conditions worldwide, WROs are a means to deter companies from exploiting labor and to protect vulnerable populations. By enforcing laws prohibiting the importation of goods produced by forced labor, CBP aims to safeguard American workers, businesses, and consumers. Currently overseeing and enforcing numerous WROs and Findings, CBP emphasizes its commitment to eliminating forced labor from U.S. supply chains and encourages reporting of suspected violations.
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