{"version":"1.0","provider_name":"Customs &amp; International Trade Law Firm","provider_url":"https:\/\/diaztradelaw.com","author_name":"Jennifer Diaz","author_url":"https:\/\/diaztradelaw.com\/author\/jen\/","title":"Bloomberg Law Feature: Voluntary Self-Disclosures: Recent Guidance From BIS, OFAC & DOJ - Customs &amp; International Trade Law Firm","type":"rich","width":600,"height":338,"html":"<blockquote class=\"wp-embedded-content\" data-secret=\"gFnORa0xIJ\"><a href=\"https:\/\/diaztradelaw.com\/bloomberg-law-feature-voluntary-self-disclosures-recent-guidance-from-bis-ofac-doj\/\">Bloomberg Law Feature: Voluntary Self-Disclosures: Recent Guidance From BIS, OFAC &#038; DOJ<\/a><\/blockquote><iframe sandbox=\"allow-scripts\" security=\"restricted\" src=\"https:\/\/diaztradelaw.com\/bloomberg-law-feature-voluntary-self-disclosures-recent-guidance-from-bis-ofac-doj\/embed\/#?secret=gFnORa0xIJ\" width=\"600\" height=\"338\" title=\"&#8220;Bloomberg Law Feature: Voluntary Self-Disclosures: Recent Guidance From BIS, OFAC &#038; DOJ&#8221; &#8212; Customs &amp; International Trade Law Firm\" data-secret=\"gFnORa0xIJ\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" class=\"wp-embedded-content\"><\/iframe><script type=\"text\/javascript\">\n\/* <![CDATA[ *\/\n\/*! This file is auto-generated *\/\n!function(d,l){\"use strict\";l.querySelector&&d.addEventListener&&\"undefined\"!=typeof URL&&(d.wp=d.wp||{},d.wp.receiveEmbedMessage||(d.wp.receiveEmbedMessage=function(e){var t=e.data;if((t||t.secret||t.message||t.value)&&!\/[^a-zA-Z0-9]\/.test(t.secret)){for(var s,r,n,a=l.querySelectorAll('iframe[data-secret=\"'+t.secret+'\"]'),o=l.querySelectorAll('blockquote[data-secret=\"'+t.secret+'\"]'),c=new RegExp(\"^https?:$\",\"i\"),i=0;i<o.length;i++)o[i].style.display=\"none\";for(i=0;i<a.length;i++)s=a[i],e.source===s.contentWindow&&(s.removeAttribute(\"style\"),\"height\"===t.message?(1e3<(r=parseInt(t.value,10))?r=1e3:~~r<200&&(r=200),s.height=r):\"link\"===t.message&&(r=new URL(s.getAttribute(\"src\")),n=new URL(t.value),c.test(n.protocol))&&n.host===r.host&&l.activeElement===s&&(d.top.location.href=t.value))}},d.addEventListener(\"message\",d.wp.receiveEmbedMessage,!1),l.addEventListener(\"DOMContentLoaded\",function(){for(var e,t,s=l.querySelectorAll(\"iframe.wp-embedded-content\"),r=0;r<s.length;r++)(t=(e=s[r]).getAttribute(\"data-secret\"))||(t=Math.random().toString(36).substring(2,12),e.src+=\"#?secret=\"+t,e.setAttribute(\"data-secret\",t)),e.contentWindow.postMessage({message:\"ready\",secret:t},\"*\")},!1)))}(window,document);\n\/\/# sourceURL=https:\/\/diaztradelaw.com\/wp-includes\/js\/wp-embed.min.js\n\/* ]]> *\/\n<\/script>\n","thumbnail_url":"https:\/\/diaztradelaw.com\/wp-content\/uploads\/2023\/09\/Bloomberg-1-2.png","thumbnail_width":1100,"thumbnail_height":700,"description":"Diaz Trade Law is\u00a0enthusiastic to announce\u00a0Bloomberg Law\u00a0published another one of our articles, &#8220;Voluntary Self-Disclosures: Recent Guidance From BIS, OFAC &amp; DOJ&#8221;! Below is the article reproduced with permission for your reading pleasure. You can also read the article\u00a0here. &nbsp; If an individual or company believes it has violated US trade laws, proactively disclosing the potential violation can substantially reduce penalties. A system of disclosures, known as Voluntary Self-Disclosures (VSDs) and Prior Disclosures (PDs), exists for a wide array of federal agencies, including\u00a0Customs and Border Protection\u00a0(CBP),\u00a0Bureau of Industry &amp; Security\u00a0(BIS), the\u00a0Department of the Treasury&#8217;s Office of Foreign Assets Control\u00a0(OFAC), and the\u00a0Department of Justice\u00a0(DOJ). Self-Disclosure Process &amp; Benefits of Disclosing Each agency has different requirements and processes for submitting VSDs or PDs. However, the process generally includes an initial notification to the agency followed by a supplemental narrative. Regardless of the agency involved, an initial notification of a violation should be transmitted as soon as it is discovered. Delaying disclosure after an apparent violation is discovered can disqualify a VSD or PD or even lead to more severe penalties when an agency initiates an enforcement action. Agencies encourage parties to submit VSDs and PDs if they believe they have violated US trade laws and regulations. According to BIS, doing so is an \u201cexcellent indicator of a party&#8217;s intent to comply with U.S. export control requirements.\u201d Parties who disclose may benefit from significantly mitigated penalties. For example, minor or technical violations disclosed to BIS can be resolved through the BIS \u201cfast-track\u201d process which [&hellip;]"}