New export controls over U.S. persons’ support for certain foreign military, intelligence and security services activities would place too much strain on both the government and industry compliance departments, disadvantage American exporters compared with their foreign competitors, and may provide no clear benefit to U.S. national security, companies and trade groups told the Bureau of Industry and Security.
Banks should consider investing in additional processes and technology to adhere to the Bureau of Industry and Security’s new export compliance guidance for financial institutions, Sheppard Mullin said in a blog post last week.
Both a potential Kamala Harris and a potential Donald Trump administration are likely to continue the U.S. government’s increasing focus on sanctions and export control enforcement, even if their approaches to specific trade measures may differ, such as tariffs against China or sanctions against Russia, said Adam Smith, a Gibson Dunn lawyer.
The Bureau of Industry and Security issued a minor correction this week to a September final rule that codified a range of recent updates to its administrative enforcement policies, including how the agency resolves voluntary self-disclosures and how it assesses penalty amounts (see 2409120017). BIS said that rule “contained an error in an amendatory instruction” that incorrectly revised wording in the wrong paragraph. “This document corrects that error,” BIS said. The changes take effect Oct. 17.
Export Compliance Daily is providing readers with the top stories from last week in case you missed them. You can find any article by searching for the title or by clicking on the hyperlinked reference number.
The Bureau of Industry and Security appears to be making good on its pledge to step up export control enforcement to protect sensitive American technology from China, two former U.S. government officials said Oct. 15.
A DOJ indictment unsealed this week charges three Russians with export control violations after the agency said they illegally bought more than $225,000 worth of U.S. microelectronics, hiding from American exporters that the items were destined for the Russian military.
New export compliance guidance issued by the Bureau of Industry and Security outlines the agency’s due diligence expectations for financial institutions and warns that companies that “self-blind” to red flags could face penalties.
Export Compliance Daily is providing readers with the top stories from last week in case you missed them. You can find any article by searching for the title or by clicking on the hyperlinked reference number.
The Bureau of Industry and Security reached a $151,875 settlement with Quantum Corp., a California-based data storage and management company, after it allegedly committed 45 violations of the antiboycott provisions of the Export Administration Regulations.