You got it in, now what? Your responsibilities aren’t over just because you got your goods across the border. Join us as we talk about the next steps you need to take to make sure you’re in compliance and ready…
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Industry Insights
Upholding Compliance: Exercising Reasonable Care
In the intricate realm of international trade, importers shoulder the responsibility of ensuring compliance with a plethora of regulations enforced by U.S. Customs and Border Protection (CBP). Central to this obligation is the concept of exercising “reasonable care.” Here I’ll explore the significance of reasonable care for importers, its role in import compliance, and strategies for implementation.
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Trade News
East and Gulf Coast Ports Hit by First ILA Strike in Over 40 Years as Contract Expires
The ILA began picket lines early this morning after the contract expired at midnight. The strike impacts 36 ports, all East and Gulf Coast. Currently the US Maritime Association (USMX for some reason) is in negotiations with the International Longshoremen’s…
BIS: Quantum Corporation Fined $150,000 for Antiboycott Violations
Bureau of Industry and Security has imposed a civil penalty of ~$150,000 on Quantum Corporation for alleged violations of antiboycott provisions of the EAR. Quantum is a data storage, management, and protection company that received requests from a UAE distributor…
FTC: GameStop CEO Fined Nearly $1M by FTC for Violating Antitrust Laws in Wells Fargo Stock Purchase
The Federal Trade Commission announced 9/18 that the CEO of GameStop will be paying nearly $1m to settle charges that his acquisition of Wells Fargo shares violated the Hart-Scott-Rodino (HSR) Act. The CEO’s acquisition was above the threshold of HSR…
Treasury: Sanctions on Entities and Vessels Smuggling Iranian Oil and Gas to Syria and East Asia
Treasury sanctioned more than a dozen vessels and entities for their involvement in shipment of Iranian crude oil and petroleum gas to Syria and East Asia on behalf of Hezbollah and the Islamic Revolutionary Guard. Read More
CBP: Trade Compliance Partners Can Now Use FTZs for Goods Subject to Forced Labor Action
A new benefit for CTPAT has been implemented! Importers who are CTPAT Trade Compliance partners in good standing may utilize an FTZ for storage of goods subject to potential forced labor action. Read More
OFAC: New Rule Extends Retention Period to 10 Years
Office of Foreign Assets Control published an interim final rule changing recordkeeping requirements for certain transactions from 5 to 10 years. That’s consistent with the OFAC statute of limitations. This will be in effect March 12, 2025. Comments can be…
Justice: Couple Charged in Alleged Scheme to Provide Services to Sanctioned Russian Broadcaster and Launder Funds, Including Ties to Sanctioned Oligarch
Virginia couple allegedly conspired to provide services to and receive money from a sanctioned Russian broadcaster (Channel One Russia), and then launder the funds. Both members of the couple are charged with one count of violating the IEEPA, one count…