Safeguard Your Business
Make no mistake about it, a successful international trade compliance program is one of the smartest investments your company can make. The risks of not having the proper trade procedures in place are very real and negative. Today, export and import violations are treated with much more severity than ever before. On the export side alone, the International Emergency Economic Powers Enhancement Act passed by Congress in late 2007 allows for an enormous increase in penalties. For example, just one export violation jumped from an average of $11,000 to $250,000, or twice the value of the transaction. There are several recent cases where fines totaled well over $1 million, accompanied by imprisonment.
The hard truth is that penalties apply whether or not your company is aware of these international trade laws, and you can’t rely on your freight forwarder or Customs broker to handle your compliance for you. In the last few years, the government has implemented tougher international trade regulations, not to mention a slew of security initiatives. The expense of dealing with these legalities can take their toll on a company. And the expense to your company’s reputation cannot be calculated. The Internet allows for information to be shared quickly, and then it remains accessible for a long time. On the export side, the Bureau of Industry and Security (BIS) has a website which it regularly updates with the names of violators. “Don’t let this happen to you.”
In addition to expensive fines, legal fees, and negative publicity, there are some other important reasons to make sure your company keeps compliant: avoiding shipping delays, seizures or forfeitures; preserving your import and export privileges; and avoiding an increase in cargo inspections as well as time-consuming import information requests. All of these impact your business success so much that naturally you’ll want to do everything in your power to steer clear of them.
Thankfully, GTPI has the expertise to help keep your company on track with an effective trade compliance program. We can either update your current program or create a whole new one for you. We’ll work side-by-side with you on an on-going basis or help on specific projects. Avoid the pitfalls of international trade today. Contact us today by clicking here.
