By Jennifer Diaz|2022-07-08T09:17:53-04:00March 23, 2021|Best Practices, Customs Expert, Enforcement, Import, Import Alert, International Business, International Law, International Trade, Pre-compliance, U.S. Customs and Border Protection (CBP)|0 Comments
Recent Government Data Indicates that Florida Trade is Rebounding Fast Despite Pandemic Hit
Co-Authored by Sharath Patil
COVID-19’s Impact on the Global Economy
The COVID-19 pandemic has had systemic implications for nearly every facet of our lives and society. The world of international trade is certainly no exception. Businesses and governments alike have had to figure out how to continue import and export operations while accounting for the risks present in the current trading climate. Challenges that importers and exporters have faced include: 1) dramatic demand spikes for certain goods, 2) equally dramatic crashes in demand for other goods, 3) significant back-ups of inflowing shipments at key ports, 4) an increase in trade restrictions and other barriers to trade, and 5) contractions in trade volumes, just to name a few.
OFAC Issues Clarifying Guidance on Communist Chinese Military Companies Sanctions
Background on EO 13959
On November 12, 2020, President Trump issued Executive Order 13959 (“EO 13959”), Addressing the Threat from Securities Investments that Finance Communist Chinese Military Companies. EO 13959 prohibits U.S. investors from purchasing or investing in securities of companies identified by the U.S. government as Communist Chinese military companies (“CCMCs”), a designation determined by the U.S. Department of Defense and the U.S. Department of the Treasury.
Since former President Trump signed EO 13959, the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”) has issued clarifying guidance and general licenses on this matter.
Biden Executive Order Strengthens Buy American Government Procurement Laws
Co-Authored by Sharath Patil
Biden Signs Executive Order Strengthening Buy American Laws
Buy American laws are a set of statutes, regulations, rules, and Executive Orders that require that the U.S. federal government require or provide preferences for purchasing goods produced in the United States. Buy American laws were created and continue to be amended with the intention of promoting economic and national security, stimulating economic growth, creating good jobs at decent wages, and supporting the U.S. manufacturing and defense industrial bases.
Building a Strong Export Compliance Plan
Co-Authored by Sharath Patil
Exporting is a Privilege, Not a Right
Over 95% of the world’s consumers are outside of the United States. Opportunities abound for U.S. companies that export. However, exporting is a privilege and not a right. U.S. exporters have an important responsibility to adhere to U.S. export control laws, including the Export Administration Regulations (“EAR”), the International Traffic in Arms Regulations (“ITAR”) the Office of Foreign Assets Control (“OFAC”) sanctions laws, and the Foreign Corrupt Practices Act (“FCPA”). Violations of export control laws carry hefty civil and criminal penalties. Exporters can pay hundreds of thousands of dollars in penalties, lose export privileges, and even be imprisoned for violations of U.S. export control laws.