BIS Unveils Enhanced Voluntary Self Disclosure Protocols
On January 16, 2024, the Bureau of Industry and Security (BIS) under Assistant Secretary for Export Enforcement, Matthew Axelrod, disclosed significant enhancements to the process for Voluntary Self-Disclosures (VSDs) related to the Export Administration Regulations (EAR). These adjustments are strategically designed to streamline export control compliance for U.S. governmental bodies, the commercial sector, and academic entities.
Voluntary Self-Disclosures of Export Violations: Understanding the Consequences
The realm of international trade and commerce operates under a complicated system of export control regimes that are designed to protect national security, curb the proliferation of sensitive technologies, and ensure strict adherence to economic and trade sanctions.
Updated VSD Policies: How Could this Affect you?
While the United States Trade Representative is currently inundated with Section 301 exclusion requests, the Department of Justice’s (DOJ) National Security Division’s (NSD) recent update could be encouraging an influx of voluntary self-disclosures (VSDs) to the U.S. export agencies and the DOJ in the near future.