Iran Sanctions Broken by Standard Chartered - $330M Settlement

Posted by Martijn van Gils

Yet another bank is being fined for violating U.S. sanctions by conducting business with Iran.  According to Reuters, Asian-focused bank Standard Chartered is expected to pay $330 million to settle a case with U.S. regulators.

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Topics: Export Management, Export License Management, Export Compliance, Export Violations

PWC Fined $75 Million for Illegally Exporting Defense Articles to China

Posted by Caroline Brown

On June 28th, Pratt & Whitney Canada Corporation (PWC) pleaded guilty to violating the Arms Export Control Act and to making false statements regarding its illegal export of US-origin military software to China. This software was used in the development of the Z-10, China’s first modern military attack helicopter. PWC, along with its parent company, defense contractor United Technologies Corporation (UTC), and UTC’s US-based subsidiary Hamilton Sundstrand Corporation (HSC), will have to pay more than $75 million as part of a settlement with the Justice and State Departments.

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Topics: Export Management, Export License Management, Export Compliance, Export Violations

ING Bank N.V. Agrees to Forfeit $619 Million for Illegal Transactions with Cuban and Iranian Entities

Posted by Caroline Brown

According to the Bureau of Industry and Security (BIS), ING Bank N.V. has agreed to forfeit $619 million to the Justice Department and the New York County District Attorney’s Office for illegally moving billions of dollars through the US financial system on behalf of Cuban and Iranian sanctioned entities. ING Bank is held responsible for conspiring to violate the International Emergency Economic Powers Act (IEEPA) and the Trading with the Enemy Act (TWEA), as well as violating New York state laws by illegally moving over $2 billion dollars through the US financial systems via more than 20,000 transactions between the early 1990s and 2007. This fine is the largest ever against a bank in connection with an investigation into US sanctions violations.

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Topics: Export Management, Export Compliance, Export Violations

British Businessman Extradited to the U.S. to Face Export Violation Charges

Posted by Caroline Brown

After losing an appeal in British courts, Christopher Tappin was extradited from the U.K. and brought to the U.S. on February 24th. Mr. Tappin, a British businessman, faces charges in connection with a scheme to illegally export parts used in Hawk surface-to-air missile systems to Iran. On March 5th, a United States federal grand jury indictment was handed down. Mr Tappin was charged with one count each for: conspiracy to illegally export defense articles, aiding and abetting the illegal export of defense articles, and conspiracy to conduct illegal financial transactions. If convicted, Mr. Tappin faces up to 20 years in prison.

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Topics: Export Management, Export Compliance, Export Violations

The 6 Components of Building a Better Export Control Program

Posted by Caroline Brown

How the right technology can keep exporters out of harm’s way and in regulators’ good graces

The Journal of Commerce has a great article about how enhancing your export control program ultimately raises supply chain security, prevents delays, and increases control the export process, resulting in increased revenue from new markets.

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Topics: GTM Best Practices, Export Management, Export Compliance, Export Violations

Drama at the WTO

Posted by Caroline Brown

China and the US are airing their issues at the WTO the last day or two. Yesterday, the US and EU jointly filed a complaint that China violates international trade laws by curbing exports of certain raw materials such as antimony, bauxite, indium, yellow phosphorous, magnesium carbonate, and rare earths.

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Topics: China Trade Management, Duty Management, Export Management, Export Violations

Import Compliance: Hey Man, Looking to Buy Some Sensitive Military Tech?

Posted by Caroline Brown

A recent article at Nextgov reported that actually, it's quite easy to purchase sensitive military technology and send it abroad.

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Topics: Export Management, Export Violations

Possible New Export Market: Cuba?

Posted by Caroline Brown

There's been a lot of talk about Cuba in the last few months, especially since January 20th. On April 13th, President Obama relaxed the travel restrictions for Americans going to Cuba, allowing Americans with relatives there to visit more frequently.

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Topics: Export Management, Export Violations