Davis Polk Discusses Financial Action Task Force’s New Guidance for Virtual Assets

The Financial Action Task Force (FATF), the inter-governmental body that recommends international standards for anti-money laundering (AML) and countering the financing of terrorism (CFT), released an updated version of its guidance on the application of FATF’s recommendations to virtual assets and virtual asset service providers (VASPs) on October 28, 2021 (the Guidance). The Guidance builds on FATF’s efforts to apply its AML/CFT framework to the virtual assets industry. United States Treasury Secretary Janet Yellen praised the Guidance, stating, “[t]he United States welcomes the significant work by the FATF to . . . provide clear standards and guidance for the … Read more

Cleary Gottlieb Discusses Final CFIUS Regulations

On January 13, 2020, the U.S. Department of the Treasury (“Treasury”) released final regulations (the “Final Regulations”)[1] implementing the updates to the foreign investment review process of the Committee on Foreign Investment in the United States (“CFIUS”) contained in the Foreign Investment Risk Review Modernization Act of 2018 (“FIRRMA”).  The Final Regulations, effective February 13, 2020, largely track the September 2019 proposed regulations (the “Proposed Regulations”)[2] to implement FIRRMA’s expansion of CFIUS’s jurisdiction.  FIRRMA in turn codified existing CFIUS practice as it has evolved in recent years, particularly … Read more

Cleary Gottlieb Discusses Further Easing of Cuban Sanctions

On October 14, 2016, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) and the Department of Commerce’s Bureau of Industry and Security (“BIS”) announced revisions to the Cuban Assets Control Regulations (“CACR”) and the Export Administration Regulations (“EAR”), respectively, continuing the incremental easing of the U.S. embargo on Cuba.  Simultaneously, the President announced a new Presidential Policy Directive for U.S.-Cuba normalization (“Cuba PPD”), which aims to underpin the Obama Administration’s vision for normalizing relations with Cuba with government-wide guidance.  However, the vision remains in important respects aspirational; statutory constraints on Cuba policy continue to limit the … Read more