Reporting Boycotts, Vetting Partners, and Cross-Departmental Training: Key Takeaways from the Latest BIS Conference

Lindsay Forbes from Schultz Law Firm warns companies to be vigilant as government enforcement ramps up.

On this episode, we discuss key takeaways from the recent Bureau of Industry and Security conference with trade compliance expert Lindsay Forbes. Lindsay shares insights on navigating heightened regulations, interagency cooperation, and best practices for importers and exporters.

Main Topics:

- Increased focus on Russia and China exports requires extra diligence from companies.

- Thorough vetting and screening of all business partners is critical to avoid restricted parties.

- Failure to report anti-boycott requests can lead to penalties and reputational damage.

- Cross-departmental training beyond just sales/compliance is now expected on regulations.

- Monitoring changes through industry groups and BIS is vital for staying compliant.

Key Takeaway: As Lindsay notes, "We're the government, we're here to help but yeah, right." Front-end compliance is key to avoiding back-end enforcement that now involves unprecedented information sharing between agencies.

***CORRECTIONS***

• At 14:19 -- Lindsay commented “Now OFAC is requiring you to name and shame…” she meant BIS!
• At 29:08 -- There was a mention of Chinese Yuan versus RMB discussion.  However, the concept stands – if it’s in Chinese currency and not a Chinese transaction, red flag for diversion to Iran (or North Korea).
• At 44:05 -- Lindsay noted: “this was the first year (for the conference) since COVID,” but this is the first year it was fully in person with no remote option

Enjoy the show!

Find us on YouTube: https://www.youtube.com/@SimplyTradePod 

Host: Andy Shiles: https://www.linkedin.com/in/andyshiles/ 
Host/Producer: Lalo Solorzano: https://www.linkedin.com/in/lalosolorzano/ 
Co-Producer: Mara Marquez: https://www.linkedin.com/in/mara-marquez-a00a111a8/

Show references:

• Global Training Center - www.GlobalTrainingCenter.com

• Simply Trade Podcast - twitter.com/SimplyTradePod 

• Lindsay Forbes - https://www.linkedin.com/in/lindsay-forbes/ 

• Schulz Trade Law - https://www.schulztradelaw.com/

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