Bass, Berry & Sims attorney Thad McBride outlined key takeaways from the “2023 Year in Review” report issued by the U.S. Department of Commerce in early January. As Thad stated, the report “emphasizes specific actions and thus serves as a valuable indicator of priorities for BIS [the Bureau of Industry and Security] and other U.S. government actors involved in export compliance, in 2024 and beyond.”
In the article, Thad detailed key topics covered in the report, including the following:
- Launch of the Disruptive Technology Strike Force, involving numerous federal agencies, created to target bad actors seeking to acquire critical technology for nation-state adversaries.
- Continued enforcement focus on China and Russia.
- Updated and detailed compliance guidance from a variety of federal agencies, including: BIS, Department of Treasury’s Finance Crimes Enforcement Network (FinCEN), and the Departments of Homeland Security, Justice, and State Department.
- Expanded partnerships with non-U.S. governments – such as the “Five Eye” initiative – to collaborate on international export control and security issues.
- Extension of anti-boycott enforcement efforts.
Thad observed that “it is essential to do an appropriate risk assessment in connection with developing, modifying and even simply maintaining an export compliance program.” He further recommended that “compliance resources should be dedicated to those geographies, business lines, divisions, personnel, products and operations that create higher risk.”
The full article, “What Cos. Can Learn From 2023 Export Enforcement Report,” was published by Law360 on January 24 and is available online.