Developments keep happening demonstrating how global trade is dramatically changing and encompassing a broad range of newer topics.
For example, the issue of foreign corporate corruption continues to get top treatment by the U.S. Dept. of Justice, U.S. – Russia trade relations are becoming more intertwined with human rights concerns, trade statistics and data are confronting the need for more accurate measurements of actual added values in global supply chains rather than merely relying upon the final price in the “country-of-origin approach,” and aggressive foreign bank disclosure requirements by aggressive U.S. tax collectors to limit tax evasion and bank secrecy.
The following are some recent developments ………….
…. A new detailed guide to the Foreign Corrupt Practice Act has been released by the Dept. of Justice and the SEC. A Resource Guide to the U.S. Foreign Corrupt Practices Act (USDOJ and SEC, November 2012). “Speech by USDOJ AAG on FCPA.” USDOJ News (Nov. 16, 2012) discussing “global anti-corruption mission” of criminal division.
…. One of the first acts of the lame duck session of Congress after President Obama’s reelection was the passage of a trade bill and the Magnitsky bill. This allows the U.S. to take advantage of Russia’s accession to the WTO and changes the Jackson-Vanik Amendment. But it would authorize new human rights restrictions (visa sanctions) aimed at Russia. “Lawmakers Pass Russia Trade Bill.” Wall Street Journal (WSJ 11.17.12).
…. Four new interactive databases are now provided by the WTO (ITC and UNCTAD) concerning market access. “WTO Launches New Market Access Interactive Tool.” WTO News (Nov. 19, 2012).
…. An overly extraterritorial tax regime is being imposed by the U.S. on foreign banks to report U.S. accounts or face a 30% withholding tax on income or gains to be paid to those banks from the U.S. “U.S. Offshore Crackdown Brings Planning Worries.” Financial Times (11.20.12).