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What are the key compliance issues or pitfalls relating to international trade?

Import
Business and Industry Services
From United States of America
To Canada
398 views / 0 experts
Jacob C.
Aug 30, 2019
What are the key compliance issues or pitfalls relating to international trade?

2 answers

Dr Felix T.
Mar 23, 2021

As an ethical US-based Business Operator, three very important things I take seriously include:

1. Avoiding any form or involvement with scammers and money laundry

2. Properly pay attention to Foreign Exchange rate changes.

3. Respect the Foreign Corrupt Practices Act (FCPA). Due to greed, traders usually face the temptation of falling prey to unscrupulous players. Stay away from questionable gains and just do clean business. Pretend that you are being watched by INTERPOL and you will be straight.

 

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Leon L.
Aug 30, 2019
First of all I want to say that the main compliance risks still flow from US regulators and the relevant laws (FCPA/OFAC/export controls). Those are still the most energetically enforced and extra-territorially so. In the past five years, OFAC risks in particular have increased manifold as the number of countries embargoed has increased, but also as the programs have broadened in number – to include human rights violators – and in complexity, particularly the financial sanctions that are the heart of the Ukraine and Venezuela sanctions. These programs now can easily tie a company up in knots when it comes to understanding what is permissible and trying to understand who it is doing business with. Third party OFAC and FCPA risks are some of the most serious and hard to mitigate challenges.
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Raymond Yang
Raymond Y.
Leon Lacroix
Leon L.
Amber Stellingwerf
Amber S.
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