U.S. Exporters: Destination Control Statements (DCS) Changing The U.S. Bureau of Industry and Security (BIS) and the Department of State issued dual Federal Register notices on August 17th finalizing a common destination control statement (DCS). When required, the DCS should be included on the exporter’s commercial invoice. The new DCS, which will take effect November 15, … [Read more...]
CEO Pleads Guilty to Conspiring to Export Specialty Metallurgical Metals to Iran
CEO Pleads Guilty to Conspiring to Export Specialty Metallurgical Metals to Iran Erdal Kuyumcu - CEO of Global Metallurgy, LLC, a company based in Woodside, NY, pleaded guilty to one count of conspiring to violate the IEEPA [International Emergency Economic Powers Act] in connection with the export of specialty metals from the U.S. to Iran. Kuyumcu [U.S. citizen] pleaded … [Read more...]
Evasion of Export Controls Results in $250,000 Penalty
Evasion of Export Controls Results in $250,000 Penalty The Bureau of Industry and Security (BIS) has imposed a $250,000 penalty on a U.S. company (Fulfill Your Packages, Inc.) charged with evading the Export Administration Regulations regarding the intended export of a thermal imaging camera subject to export controls ->for national security and regional stability … [Read more...]
SEC Charges $15 Million For FCPA Violations
SEC Charges $15 Million For FCPA Violations The Securities and Exchange Commission announced that Massachusetts-based medical device manufacturer Analogic Corp. and its wholly-owned Danish subsidiary have agreed to pay nearly $15 million to settle parallel civil and criminal actions involving Foreign Corrupt Practices Act (FCPA) violations. An SEC investigation found that … [Read more...]
Canadian-Iranian Citizen Sentenced To Three Years In Prison For Conspiring To Violate Iran Sanctions
Canadian-Iranian Citizen Sentenced To Three Years In Prison For Conspiring To Violate Iran Sanctions ALI REZA PARSA, a Canadian-Iranian dual citizen and resident of Canada, was sentenced to three years in prison for his participation in a conspiracy to violate the International Emergency Economic Powers Act (“IEEPA”) and the Iranian Transactions and Sanctions Regulations … [Read more...]