In recognition of Valentine’s Day, here again is my post about mail you don’t ever want to receive. It has been updated with some more recent examples of the negative consequences of ignoring the legal rules of international business.
Valentine’s Day is one day of the year when we most look forward to receiving emails and snail mail containing expressions of regard and even love. My “love letter” to you is to highlight for you, as an international trader, mail you don’t want to ever receive:
Warnings from US Customs & Border Protection (CBP) Agency
In this earlier post we discussed some of the top concerns of customs compliance managers:
Senior managers/owners are often prepared to take short cuts with customs requirements and gamble that the company either won’t get caught or have to pay a small fine. What such companies fail to realize is that in the electronic age, one penalty can lead to the company being flagged for more frequent and more intrusive examinations at the border. Suddenly, entries are being more closely examined. Shipments that used to sail through customs are being held for inspection. The company has lost its immediate delivery privileges, to be followed shortly by a blow to its pocket and reputation.
I have too many clients who ignored that first warning notice from CBP. By the time they came to me, they were in serious trouble! Don’t let that be you.
Sanction Notices from the US Department of Treasury/US Department of Commerce
The US Department of Treasury oversees the sanctions programs that prohibit or limit the countries or persons with which US companies can legally do business. In these posts we discuss some of these sanctions and penalties:
- Despite recent changes in US-Cuba policy, the U.S. embargo against Cuba remains in effect and the rules must be carefully followed.
- Impact of new sanctions against Russia
- Is it safe to trade with Iran?
- Why ING Bank had to pay $619 million in fines.
Charging Notices from the US Department of Justice/Securities Exchange Commission (SEC)
- You don’t want to ignore anti-bribery laws:
- Why did Total, a French company, pay US$398 million for its dealings in Iran?
- How did Wal-Mart get into trouble?
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Happy Valentine’s Day!