Export Controls & Sanctions Watch - Edition 31-24

The Export Control & Sanctions Watch is a comprehensive, up-to-date resource that delivers the latest export control, sanctions, and AML updates, essential for customs professionals to maintain compliance and effectively manage trade risks.

LINK TO DOWNLOAD "THE EXPORT CONTROL & SANCTIONS WATCH" BELOW

Dear Reader of the Export Control & Sanctions Watch

Welcome to Edition 31-2024.!

Today, we look closer at the UK’s Export Control Joint Unit, which has launched the "Apply for a SIEL" service on its new LITE system, making it easier for businesses to apply for standard individual export licenses. Meanwhile, two UK companies faced penalties amounting to £348,000 for violating export control regulations, with unlicensed transfers of dual-use and military goods at the heart of the settlements.

In the US, the Bureau of Industry and Security (BIS) has extended the recordkeeping requirement for export transactions from five to ten years, reflecting increased statutory limitations. This rule change aims to enhance compliance.

Sanctions updates have also been prominent. The UK published new guidance on transport sanctions, including processes for civil monetary penalties, while the US revised its voluntary self-disclosure process for export violations. The UK’s Office of Financial Sanctions Implementation (OFSI) warned about North Korean IT workers attempting to evade sanctions, urging companies to be vigilant. Oh, and a new UK Agency on Sanction Enforcement is starting on 10 October 2024 – read out the blog on this!

Further afield, US sanctions have targeted human rights abuses in Cambodia and Georgia, as well as enablers of North Korea’s missile program. Additionally, the Treasury has extended terrorism-related sanctions and Presidential powers concerning Cuba. There are also many Russia related sanctions updates in this Edition of “The Export Control & Sanctions Watch”

I wish you an interesting lecture, and please let me have your comments at info@customsmanager.org 

Best regards

Arne

Want to read more?

Subscribe to customsmanager.info to keep reading this exclusive post.

Subscribe Now