Did You Know?Regulatory

Export penalty case illustrates importance of self-disclosure

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A recent OFAC penalty case against an exporter illustrates the importance and clear monetary benefit of pro-actively reporting regulatory failures and implementing significant safeguards. In import considerations, such disclosures would typically take the form of the formal Prior Disclosure process, whereby an importer voluntarily reveals the errors and makes monetary amends of duty owed (if any) in exchange for a reduction in penalties.

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