WireScreen’s Post

NAVIGATING THE CHINA THREAT CONTINUES TO GROW MORE PRECARIOUS FOR BUSINESSES. At a House Select Committee Meeting this week, a former SEC chairman proposed that large publicly traded companies be required to disclose how an “abrupt decoupling” with China would affect them. This proposal comes at a time when businesses are being faced with increased scrutiny of their business transactions and relationships with the People’s Republic of China (PRC) and the threat posed by activities directed/affiliated by the CCP appears to be increasing.   DOJ’s National Security Division announced this week that it had appointed its first chief counsel of corporate enforcement who will coordinate and oversee the prosecution of corporate crime relating to national security (i.e., #exportcontrol, #sanctions evasion, terrorism, money laundering, #cybercrime). As previewed in March by the Deputy Attorney General, DOJ is making national security investigations of corporations a priority and surging resources in this area. This coincides with the recent establishment of the Disruptive Technology Strike Force designed to uncover and detect illegal exports and sanctions violations. In 8/23, President Biden issued an Executive Order restricting the investment in certain PRC companies involved in developing advanced semiconductors and quantum computers. Last fall, the U.S. Department of Commerce issued extensive new export controls targeting advanced semiconductors, supercomputers, and semiconductor manufacturing equipment aimed at PRC’s military power. Companies face an increasing threat of cyberattacks in what appears to be a record-breaking year. Often, intellectual property is stolen during cyberattacks. Intellectual property theft costs the U.S. economy $200-$800 billion per year. China Cyber Threats: In 6/23, the U.S. and international cybersecurity authorities issued a joint Cybersecurity Advisory concerning the significant threat posed by a PRC state-sponsored cyber actor (Volt Typhoon) to U.S. critical infrastructure sectors using sophisticated tactics and techniques to evade detection. Storm-055, Chinese-based hackers believed to be affiliated with the PRC government, stole hundreds of thousands of emails from at least 25 organizations, including the accounts of U.S. Commerce Secretary Gina Raimondo, U.S. envoy to China, Nicholas Burns, and the U.S. Department of State’s Assistant Secretary for East Asia, Daniel Kritenbrink. China has adopted a new counterespionage law, which went into effect in 7/23, that significantly broadens the definition of spying increasing the risk of penalties being imposed against U.S. companies operating in China for what is considered traditional business activities. This law may be used to compel U.S. companies to assist the PRC government with its intelligence collection efforts against the United States.  #cybersecurity #china

Intelligence leaders from "Five Eyes" caution against China's technology espionage #TechnologyTheft 🤝 Follow us on Discord 🔜: https://lnkd.in/gt823Zd3 _ ❇️ Summary: The FBI is tracking potential threats of terrorism in the United States as a result of the war in the Middle East. FBI Director Christopher Wray expressed concern over lone actors inspired by the violence. In an unprecedented interview, Wray and the intelligence directors of the Five Eyes alliance discussed their alarm over China, which they consider to be the greatest espionage threat faced by democracy. They emphasized China's efforts to steal intellectual property, trade secrets, and personal data. The intelligence chiefs highlighted China's use of professional networking sites to manipulate employees and its acquisition of land and businesses near sensitive assets in other countries. They emphasized the need to protect innovation, intellectual property, and national security. Hashtags: #chatGPT #ChineseEspionage: Unveiling China's illicit practices to obtain technology secrets #GlobalIntelligenceAlliance: Five Eyes' collective efforts to counter China's tech theft

In a recent report by the Future of Financial Intelligence Sharing (FFIS), a UK-based research program, there's a growing concern over the G20's initiative to accelerate international digital payments. Experts point out that while this move could enhance transaction efficiency, it inadvertently heightens the risk of #financialcrimes, particularly in the context of intensified war-related sanctions. The report emphasizes the urgent need for stronger cooperation between the public and private sectors. This collaboration is crucial for incorporating robust financial crime prevention mechanisms into the global #payment infrastructure. With the projected increase in the value of these #transactions from $150 trillion to $250 trillion by 2027, the stakes are high. However, there are significant apprehensions. The G20's current approach may not adequately address the rising threats of cross-border #fraud and #moneylaundering. This oversight could undermine the effectiveness of #sanctions against countries like Russia and others, posing serious risks to consumer financial security and national safety.

Great article by Hubbis on the growing number of sanctioned entities as the geopolitical situation in 2024 intensifies. The webinar that Hubbis are holding on the 19th of March will feature our very own Oliver Bodmer, who is featured in the article, where we can learn more about how institutions can stay ahead in this extremely complex area. SIX #sanctionscompliance #sanctionsscreening

Excellent overview of today’s security and economic geopolitical landscape and its implications for buisnesses. Have a read and share your thoughts!

Financial institutions face increasing political and geopolitical risks as the US government increases the frequency of sanctions updates. NATO members are also coordinating sanctions rules with like-minded Asian partners, such as Japan and South Korea. While these rules are similar, they are not identical, adding further complexity to the scope of risks facing the financial sector. A special report from the Financial Times delves into these risks, among others, and is worth a read for senior decision-makers in financial institutions. https://lnkd.in/gpjijhbf #sanctions #politicalrisk #geopoliticalrisk #investing #finance

The Chinese Economy Under Pressure Is it speculation or a new economic reality? I've always believed that economics is a driving force behind major national decisions, and China's recent policy shifts seem to echo this sentiment. Amidst economic headwinds, the Middle Kingdom is signaling a clear intent to pivot its economy for the better. This is evidenced by a softened foreign relations stance, resumed high-level dialogues, direct outreach to Western CEOs, and streamlined processes for foreign direct investment and visa applications. Additionally, China is easing cross-border data transfer requirements — a major relief for foreign executives wary of stringent regulations. These adjustments by China are encouraging signs, suggesting an openness to rejuvenate its economic ties with the world. However, they may not be sufficient for Western companies to fully abandon the risk mitigation strategies they've been adopting. Caution and strategy should still guide our engagement with China's evolving economic landscape. So for now, continue walking in and not running away from China. With time and if western-friendly trends continue, you might adopt a jogging pace. Let us know if you have questions and whether you might benefit from an experience-based opinion. #economicshifts #globalbusiness #chinaeconomy #FDI #economicstrategy

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