July 2020

It is likely that over the next few weeks, Britain will leave the European Union. As the push and pull over a Brexit deal continues, traders need to be Brexit ready. At present, the UK government is trying its best to ensure that any new controls or regulations do not interrupt the current trade flows. Despite these efforts, some changes are bound to happen. Therefore, it is extremely important for traders to know about the potential changes in export compliance regulations.

Exports are defined as goods and services that are produced in one country and purchased in another. On the other hand, re-export refers to the shipment or transmission of a particular imported item to a different country. The US is one of the largest re-export markets in the world, with an estimated size of $200 billion. Examples of items that are commonly re-exported include fisheries, apparel, and technology products. However, traders are often unaware of the regulations that govern the re-export process. One such regulation pertains to the extra territorial jurisdiction of the US authorities. This implies that the US government has the ability to exercise authority beyond its boundaries in some cases. This article will help in developing a better understanding of the re-export controls that govern the re-shipment of US goods in the UK and European market.

One of the biggest factors in strengthening your business’s reputation is ensuring the presence of a strong compliance program. Companies with efficient compliance programs are equipped to uphold internal policies and practices that ensure maximum security. These programs examine set rules regarding their industry in order to implement certain procedures, both internally and externally.

A company that uses a global trade management software system can reduce the costs, risks and delays associated with manual compliance and tracking efforts.

If your company imports or exports physical goods or digital products, or conducts global e-commerce, there is a strong chance that you will need some form of global trade management (GTM) system. Despite this being an essential requirement, companies of all sizes still try to manage their global trade and logistics manually, with employees having to resort to dealing with the arduous task of analyzing spreadsheets packed full of data.

Integration of national economies contributing to globalization has been one of the most important developments of the last century and led to tremendous growth in trade between countries. Exports today are more than 4,000-times larger than they were a century ago. New technologies in this modern age have made the world a more accessible place than ever before, drastically increasing complexity in international trade.

No one can predict what will happen after October 31st,  and with the situation remaining fluid the impact that upcoming UK sanctions will have on business remains unknown. This uncertainty has resulted in many organisations failing to prepare for the impending exit from the European Union and many are finding that they may not have systems in place or resources available in case of a “No Deal” scenario.

National Oilwell Vargo Inc. (NOV), a houston based drilling company, agreed to pay a criminal fine of $25 million to the Department of Justice (DOJ) under the Non-Prosecution Agreement entered with the U.S. Attorney’s Office for the Southern District of Texas. This was a result of a settlement reached with DOJ, DOC, OFAC for violating trade sanctions by selling and exporting goods to Iran, Cuba and Sudan starting from the year 2002 leading upto 2009.

BE AHEAD OF THE GAME   A quality restricted screening software program and plan makes your company proactive, rather than reactive. It prevents you from being caught unaware that you were dealing with a denied entity. When you know who you are doing business with, you can be confident that you won’t be blindsided by

n this year’s American Shipper research about Exporters the findings are in line with last year. Shippers’ primary export concern is the rising cost of compliance.

With Brexit and other global economic and political uncertainties, concerns among exporters in almost all industries are on the rise. The ongoing strength of the US Dollar continues to make it harder to export goods and services. The uncertainty of the presidential election adds additional stress to the situation for Exporters and Importers. About 40% of exporters believe the momentum from President Obama’s export program will carry over to the next president, while the majority believes Trans-Pacific Partnership (TPP) and other key Free Trade Agreements (FTAs) will be blocked.