- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Julie DiMauro2022-06-16T11:23:00
With the Russia-Ukraine war’s ever-expanding sanctions landscape, supply chain strain and risk of enforcement are sharply increasing. Speakers at a recent event hosted by Drexel University’s Kline School of Law offered best practices.
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All companies with a global footprint should be reevaluating their supply chain due diligence and documentation practices to show the absence of forced labor in the wake of the Uyghur Forced Labor Prevention Act taking effect.
The Financial Crimes Enforcement Network and Bureau of Industry and Security warned financial institutions to be on the lookout for new and novel ways individuals and entities in Russia and Belarus are attempting to evade export controls.
Melanie Gallagher, head of third-party risk management at financial software company Intuit, offered best practices for navigating sanctions compliance risks at CW’s TPRM Summit in Chicago.
The U.S. Department of Commerce unveiled a diagnostic supply chain risk assessment tool, which will “utilize a comprehensive set of indicators to assess structural supply chain risk across the U.S. economy,” the agency said.
Companies will need to tighten up how they monitor their supply chains after a recent U.K. ruling determined that corporates could be open to money laundering charges if they fail to act in cases where they believe there is a risk of forced labor.
A U.S. Senate report found three European automakers—Volkswagen, BMW, and Jaguar Land Rover—sold cars in the United States with parts sourced from a supplier suspected of using forced labor from China’s Xinjiang region.
