Navigating the Currents of US and PRC Sanctions: Compliance and Best Practice for Financial Institutions

May 28, 2021 | BY

Susan Mok

Mini vandePol, Gerald Lam and Andrea Kan of Baker McKenzie and Vivian Wu of FenXun Partners set out the framework of the various U.S. and PRC sanction regimes, and discuss best practices for financial institutions to consider and implement

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As current tensions between the PRC and the U.S. have evolved beyond mere contradictions to a deep distrust, geopolitical considerations have been thrust to the forefront of compliance concerns for multinational businesses and financial institutions operating across Asia Pacific and globally.  The U.S. has demonstrated its commitment, during the Trump and Biden Administrations, to utilize economic and trade sanctions as a way to further its foreign policy objectives; to protect its national security; and to defend against what it deems to be threats to international peace and stability.