We were honored to be interviewed for a recent story by The Wall Street Journal about the growing complexity of U.S. sanctions and trade compliance regulations. The reporter, Mengqi Sun, asked good questions and did a great job portraying the compliance landscape faced by companies today.
This statistic from the story is particularly interesting and speaks to the challenge:
The increased use of sanctions as a foreign policy tool under the Trump administration alone has driven demand. In 2018, more than 1,450 individuals or entities were added to the designation list, according to data compiled by Dow Jones Risk & Compliance, which is owned by Wall Street Journal publisher Dow Jones & Co. That is more than twice the annual average over the previous 10 years. The Treasury blacklisted about 900 more individuals or entities in 2019.
Managed Services: An outsourced compliance solution
The Wall Street Journal article discusses how a growing number of organizations are looking for outside help to meet their trade compliance challenges. Export Solutions has been providing this type of expertise and assistance to our clients for more than 10 years. Our Managed Services solutions are a popular option for many companies who cannot justify – or do not require – adding additional staff.
Read more about our managed services to help you comply.
OFAC compliance more challenging than ever before
As this story illustrates, companies trying to comply with the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) regulations now face a dizzying array of requirements. And with OFAC fines hitting a decade high last year, in-house compliance teams are turning to firms like Export Solutions to help manage risks in a global marketplace.
Learn about OFAC compliance for your business and how we can help.
It’s an honor to be selected to participate in an interview with a publication like The Wall Street Journal. If you need help managing trade compliance, schedule a no-charge consultation with one of our team members today.
Tom Reynolds is the Vice President of Operations for Export Solutions, a consultancy firm which specializes in ITAR and EAR compliance.