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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-04-19T16:02:00
The Commerce Department’s Bureau of Industry and Security (BIS) updated its guidelines to further clarify the advantages of voluntary self-disclosure (VSD) to the agency when export control violations are uncovered.
The policy changes, revealed in a memo from Assistant Secretary for Export Enforcement Matthew Axelrod shared Tuesday, most notably put pressure on businesses that uncover “significant” potential violations but don’t come forward. Firms found to be in such a situation will now have their actions held against them as an aggravating factor in BIS enforcement decisions.
“In other words, when someone submits a VSD, they receive concrete and identifiable benefits under our guidelines,” wrote Axelrod. “By the same token, however, when someone uncovers a significant possible violation but then affirmatively chooses not to file a VSD, they are running a substantial risk because if it does come to our attention, the decision not to disclose will be considered an aggravating factor under our existing guidelines.”
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News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
2024-06-12T21:47:00Z By Kyle Brasseur
Matthew Axelrod, assistant secretary for export enforcement at the Bureau of Industry and Security, addressed efforts to reach financial services firms, working with the Financial Crimes Enforcement Network, and more during his fireside chat at CW’s Financial Crimes Summit.
2024-06-04T17:20:00Z By Kyle Brasseur
Satellite communications company Airbus DS Government Solutions received a reduced penalty from the Bureau of Industry and Security for admitting self-disclosed violations of antiboycott regulations.
2024-03-04T18:21:00Z By Aaron Nicodemus
Aerospace giant Boeing will pay a $51 million civil penalty to the State Department to resolve alleged export control violations related to unauthorized transfers and retransfers of technical data to foreign-person employees and contractors.
2024-11-20T16:51:00Z By Jeff Dale
President-elect Donald Trump announced he plans to appoint Cantor Fitzgerald President and CEO Howard Lutnick to lead the U.S. Commerce Department, as the incoming administration is expected to charge import tariffs against friends and foes.
2024-11-14T15:50:00Z By Ruth Prickett
If your business uses leather, rubber, wood, beef, palm oil, soy, or paper, then you may need to comply with the EU Deforestation Directive, a new rule intended to ensure that no goods traded in the EU contribute to global deforestation.
2024-11-04T14:28:00Z By Adrianne Appel
With the presidential election this week, one fear has remained on the minds of voters regardless of their political stripe–that artificial intelligence will be misused to change the outcome of the race.
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