Newsletter
Seminar Regarding U.S. Sanctions and Export Controls
Lee and Li and Paul, Weiss, Rifkind, Wharton & Garrison LLP ("Paul Weiss") jointly held a seminar regarding U.S. sanctions and export controls. Local companies and financial institutions were invited to join this event to discuss the topics of international trade, the global economy and the latest development of U.S. sanctions and export control regimes. Paul Weiss pointed out that the U.S. government has been ratcheting up the enforcement and the scrutiny has been heightened on Asian companies. Paul Weise also gave examples of several companies being affected by the U.S. sanctions and export controls which enable the participants to have a better understanding of the current regulatory environment in the U.S. and the relevant competent authorities' expectations toward compliance.
The participants discussed the challenges of compliance, such as the fact that there are countless related rules or regulations, and which products, technologies or information is under control and whether the destination of the transaction, ultimate users and purposes are regulated are generally unknown to the industry participants. There is a lack of risk awareness among the industry participants in Taiwan. The participants also recognized that U.S. sanctions and export controls have gradually reshaping their business model and global strategies. Therefore, this seminar could not be timelier. Lee and Li will continue the dialogue with the industry participants and foreign lawyers in the hope of assisting our clients to better understand and effectively respond to the enforcement actions regarding U.S. sanctions and export controls at the time of the growing tensions of U.S./China trade war.
