XPCC Sanctions Delayed
On September 25, the U.S. Treasury Department announced that it delayed the wind-down deadline for its sanctions on the Xinjiang Production & Construction Corps (XPCC) until November 30, 2020. The original deadline was yesterday (Wednesday, Sept. 30). TGA helped lead the effort to delay the sanctions deadline because of the due diligence needed to determine the scope of and potential nexus with XPCC subsidiaries. Note: The wind-down deadline only applies to XPCC subsidiaries; all financial transactions with XPCC itself should have ended July 31, 2020.