- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2022-12-07T13:00:00
It’s been six months since the Uyghur Forced Labor Prevention Act (UFLPA) took effect, and businesses are no clearer today on how to comply with it, those familiar with the law said.
Under the law, enforced by U.S. Customs and Border Protection, goods from the Xinjiang region in northwestern China are assumed to have been made with the forced labor of Uyghurs, unless a company can prove otherwise, according to a CBP explainer.
The supply chains of some companies might have thousands of threads with thousands of entities involved, all or many of them in China. Businesses must be prepared to show the CBP documents proving their goods were not created with forced labor.
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The Department of Homeland Security designated three companies to a growing list accused by the Biden administration of forced labor practices in the Xinjiang region of China.
Customs agents have flagged thousands of products marked as made in Malaysia, Vietnam, or elsewhere in accordance with the UFLPA, an official from U.S. Customs and Border Protection shared during a panel at Compliance Week’s 2023 National Conference.
Two dozen lawmakers have demanded the Securities and Exchange Commission require an independent third party to verify fast-fashion retailer Shein does not use Uyghur forced labor before allowing it to go public.
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
