Penalty for Anti-boycott Violations
The Bureau of Industry and Security (BIS) has reached an agreement regarding a Maryland company that will pay a $9,000 penalty to settle the violations of the anti-boycott provisions of the Export Administration Regulations.
The company was charged with one count of furnishing information about business relationships with boycotted countries or blacklisted persons and counts of failing to report the receipt of a request to engage in a restrictive trade practice or foreign boycott. If the company fails to pay the penalty in the specified time, BIS may deny all of its export privileges for one year.
What is an anti-boycott violation?
The anti-boycott laws require U.S. firms to refuse to participate in foreign boycotts that the United States does not sanction. They have the effect of preventing U.S. firms from being used to implement foreign policies of other nations which run counter to U.S. policy.
To make sure you are not in violation of the anti-boycott laws – read here
Leave a Reply