Archive for the ‘Kuwait’ Category
Tuesday, January 3rd, 2012 by Holly Thorne
The Department of the Treasury published a current list of countries which require or may require participation in, or cooperation with, an international boycott (within the meaning of section 999(b)(3) of the Internal Revenue Code of 1986). The purpose of this list is to provide guidance regarding compliance with the antiboycott compliance aspects of the US tax code. While this advice is not technically specific to the antiboycott provisions in Part 760 of the Export Administration Regulations (EAR), it certainly is a reasonable basis for a company to use when it decides how to allocate its compliance resources for compliance with the EAR antiboycott rules.
Treasury identified the following countries that “require or may require participation in, or cooperation with, an international boycott (within the meaning of section 999(b)(3) of the Internal Revenue Code of 1986),” e.g., the Arab boycott of Israel:
- Kuwait
- Lebanon
- Libya
- Qatar
- Saudi Arabia
- Syria
- United Arab Emirates
- Yemen
Iraq is not included in this list, but its status with respect to future lists remains under review by the Department of the Treasury.
Posted in Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, Treasury Dept, Treasury Dept, UAE | Comments Off
Wednesday, October 5th, 2011 by Holly Thorne
The Department of the Treasury has published a current list of countries which require or may require participation in, or cooperation with, an international boycott (within the meaning of section 999(b)(3) of the Internal Revenue Code of 1986).
The countries are:
- Kuwait
- Lebanon
- Libya
- Qatar
- Saudi Arabia
- Syria
- United Arab Emirates
- Yemen
Republic of Iraq is not included in this list, but its status with respect to future lists remains under review by the Department of the Treasury.
While this list officially applies to the Internal Revenue Service (IRS) antiboycott rules, it is a reasonable indicator of the high risk countries for the EAR antiboycott regulations.
Tags: Country list, international boycott
Posted in Antiboycott, Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, Treasury Dept, UAE, Yemen | Comments Off
Monday, June 27th, 2011 by Anna Barone
By: Anna Barone
In accordance with section 999(a)(3) of the Internal Revenue Code of 1986, the Department of the Treasury is publishing the following list of countries which require or may require participation in, or cooperation with, an international boycott:
Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, United Arab Emirates, and Yemen (more…)
Posted in Israel, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, Treasury Dept, UAE, Yemen | Comments Off
Friday, February 19th, 2010 by Danielle McClellan
A former McKinsey and Co. management consultant is currently facing over 30 years in prison after violating the International Emergency Economic Powers Act (IEEPA) and several other violations involving unlicensed money transmitting. Mahmoud Reza Banki, a US citizen, provided money transmitting services to residents of Iran by operating a “hawala” which allows money to be transferred without physically crossing through the banking system. Basically customers transfer money to a “hawala operator” in one country, and then those funds (less any fees) are distributed to recipients in another country by a “hawala associate” on that end. Banki was a hawala operator and received funds from individuals in Saudi Arabia, Kuwait, Latvia, Slovenia, Russia, Sweden, the Philippines, the US and many other countries. (more…)
Posted in Finance & Banking, Iran, Kuwait, OFAC, Sanctions, Saudi Arabia, Treasury Dept, Violations & Fines | Comments Off
Friday, October 30th, 2009 by John Black
The Department of Treasury released a list of countries that “may require participation in, or cooperation with, an international boycott (meaning of section 999(b)(3) of the Internal Revenue Code of 1986).” The following countries have been named on the list: (more…)
Posted in Antiboycott, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, Treasury Dept, UAE, Yemen | Comments Off
Wednesday, December 31st, 2008 by Danielle McClellan
The Department of Treasury has issued a list of countries that may or may not require participation in, or cooperation with, an international boycott. The following countries were identified:
- Kuwait
- Lebanon
- Libya
- Qatar
- Saudi Arabia
- Syria
- United Arab Emirates
- Yemen, Republic of
It is noted by the Department of Treasury that Iraq is not included on the list but its status for future lists is continually under review.
PRACTICAL IMPACT: Of course, the US Government will never say this is a list of the only countries that might enforce with the Arab boycott of Israel. As a practical matter, US persons should use this as the list of countries where there are most likely to be antiboycott compliance issues under the IRS rules and under the Export Administration Regulations.
More information:
Federal Register, December 31, 2008
Posted in Antiboycott, EAR, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, Treasury Dept, UAE, Yemen | Comments Off
Tuesday, November 27th, 2007 by Danielle McClellan
The first prosecution under the new UK export laws has been recognized. The new laws were designed to prevent the uncontrolled movement of arms by British nationals between countries outside the UK. The laws carry a maximum of 10 years in prison and cover the movement of military and security goods.
John Knight was sentenced to four years in prison after he pled guilty to the illegal sale of 130 MPT 9 machine guns in the Middle East. He was to supply the guns to Kuwait via a procurement company. Knight applied for a license from the Export Control Organization to move the 130 guns, but posted them as MP5 A3 machine guns. None the less his license was denied and later his appeal was denied.
Knight continued with the shipment moving the guns from Iran to Kuwait and even laid a paper trail to make it seem as though he had left the deal. He received $120,000 on account from the Kuwaiti Ministry of the Interior for the machine guns.
When the shipment arrived to Kuwait it was intercepted by the Kuwait Customs Service. Later a search of Mr. Knights home revealed evidence that supported he was involved in the unlicensed export of the guns. Officials were able to uncover documents from Knight’s shredder that led to his conviction.
More information:
Article from BERR (Department for Business Enterprise & Regulatory Reform)
Posted in Kuwait, UK, Violations & Fines | Comments Off
Saturday, June 30th, 2007 by Guest Author
Cooper Tools Industrial Ltda. has been issued a civil monetary penalty amounting to $27,000 for engaging in transactions with a boycotted country, committing 15 violations of Section 760.2(d) of the EAR. The violations were related to transactions with Kuwait and United Arab Emirates.
Details from Department of Commerce (PDF)
— Hannah Bandalan
Posted in Kuwait, UAE, Violations & Fines | Comments Off
Tuesday, April 3rd, 2007 by John Black
In late March, 2007, the Department of Treasury released the most current list of countries which require, or may require, cooperation with an international boycott within the meaning of section 999(b)(3) of the Internal Revenue Code of 1986.
The list includes:
- Kuwait
- Lebanon
- Libya
- Qatar
- Saudi Arabia
- Syria
- United Arab Emirates
- Yemen
Republic of Iraq is not on this list but its status is currently under review by the Department of Treasury and it may be added in the future.
BOTTOM LINE:
The Treasury Department’s list is related to the antiboycott issues for companies who claim foreign tax credits when they file their tax returns, and does not legally have a direct link to the comprehensive antiboycott rules in the Export Administration Regulations. As a practical matter, however, for EAR compliance US persons (as defined the EAR antiboycott rules) should focus their antiboycott compliance resources on transactions and activities involving the above-listed countries who actively participate in the Arab League’s secondary and tertiary boycotts against Israel.
Source:
Posted in Antiboycott, EAR, Federal Register, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, Treasury Dept, UAE, Yemen | Comments Off
Wednesday, March 21st, 2007 by Jill Kincaid
In an effort to send a signal to Iran, the State Department is seeking Congressional approval to sell arms to US allies in the Persian Gulf. Countries such as Saudi Arabia, Qatar, Kuwait, Bahrain, Oman and the United Arab Emirates could have their defenses bolstered through the purchase of sophisticated air and missile defense systems, advanced early warning radar aircraft and light coastal combat ships. It is also believed that Northrop Grumman’s E-2D Hawkeye 2000 early warning aircraft is under consideration for sale. The United Arab Emirates had tried to acquire this aircraft in 2003 but the deal fell through due to the US Navy’s hesitation to sell the necessary communication software.
US officials have been rather quiet about the proposed arms sales. This could be due to the concern that building up Iran’s neighbors could bring the US closer to an Iranian confrontation. Officials state the need for Congressional support and the need for a low level of publicity from the countries involved as the reason for being so tight-lipped. Several countries have been reticent about agreeing to sales because of the fear of sending a message of aggression to Iran.
Source:
Posted in Aerospace, Defense Trade Controls, Iran, Kuwait, Qatar, Saudi Arabia, UAE | Comments Off
