Export control means that trade with certain goods, countries or persons is restricted or even prohibited (embargo) for security policy reasons. This means that it is not permitted to simply deliver any goods from one country to another without checking whether that has restricted or even prohibited. A violation of embargoes or restrictions is a serious compliance violation and can have serious consequences for companies and individuals. In this context, export control is of particular concern to companies with their own production and supply chains.
In this article, we review the key fundamentals of export control:
- Who is making export control regulations and why?
- Do the requirements apply to all products, or only to a certain range?
- What are the consequences of non-compliance?
- How can companies protect themselves and train and support their departments to make the right decisions?