U.S. Treasury Dept. announces enforcement of outbound investment security program
The U.S. Department of the Treasury announced that in July, it issued its first civil penalty under the Outbound Investment Security Program (OISP). According to the Treasury Department, it penalized Amidi, LLC $200,000 for failing to submit a required notification of an investment by its controlled foreign entity into a Chinese Artificial Intelligence company. Under the OISP companies are required to notify the Treasury Department of certain types of investments. The program also prohibi...
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