With the new year, I have been thinking back on the last 12 months and where I have seen the most confusion for companies regarding import and export compliance. It has been a tough year for companies doing international business and for compliance and risk professionals. We have all spent hours trying to determine what export control reform will mean for our companies, we have watched countries negotiate for greater access to the U.S. market and we continue to see increased enforcement for all types of trade enforcement, from customs and border protection to the Department of Treasury, the Department of Justice and the Securities and Exchange Commission. Each of these areas requires companies to examine their internal processes, procedures and documentation for doing business globally. On the surface it sounds simple, but in reality it isn’t as easy as senior management may assume.
This article, excerpted from the 7 January 2014 edition of Corporate Compliance Insights, is available in its entirety at:
http://www.corporatecomplianceinsights.com/trade-compliance-is-simple-except-when-it-isnt/