Export control can be baffling to newcomers. It is a blizzard of acronyms, “defined terms,” and citations. In our compliance practice, we often have to lay out the basics for new clients in order to even discuss their situation. Many others know bits and pieces but don’t see how the puzzle fits together. So to any compliance veteran reading this, go no further. What follows is a primer, plain and simple.
Happy New Year, folks! I’ve kept you in suspense long enough, so here it is – Part II of our blog series in understanding “technology” controlled under the EAR.
Unfamiliar with the “petro?” You’re likely not alone given the increasing variations of Bitcoin and other cryptocurrencies with their wild price increases and dips. Back on December 3, 2017, as part of the Venezuelan government’s five-hour Christmas special, Venezuelan President Nicolás Maduro introduced the “petro.” Unlike Bitcoin or other cryptocurrencies, the petro is not mined and is at the direction of the government. Rather, President Maduro’s government intends for the petro cryptocurrency to be backed by strategic reserves of Venezuelan wealth –gold, oil, gas, and diamonds. According to Maduro, the petro is needed to help the country “advance in issues of monetary sovereignty, to make financial transactions and overcome the financial blockade.”
We have had a flurry of activity in Accra, Ghana with the Regional Training Center (RTC) relocating to a large, new facility supported by several additional staff experts. The move reflects the success of the RTC in advancing the regional goal of dismantling transnational organized criminal networks and strengthening criminal justice capacity in West Africa. Working on behalf of the Bureau of International Narcotics and Law Enforcement Affairs (INL), CTP will continue to support U.S. government international security initiatives by developing and delivering specialized training to Ghanaian and delegates from neighboring West African countries.