UK/EU Sanctions and Export Controls: Audits and Voluntary Disclosures

September 21, 2016

Breaches of sanctions and export controls can be costly – and the costs are set to increase when the new Policing and Crime Bill, now nearing the end of its passage through Parliament, becomes law. Such breaches can inflict not only reputational damage, contractual penalties and lost business but also seizure of goods, substantial fines and even prison sentences. Companies which trade in military or dual-use goods, or with countries where restrictions apply, are strongly advised to conduct regular audits of their export control and sanctions compliance procedures. Such audits are essential to ensure that compliance procedures remain robust and up to date, to identify any breaches and to manage their disclosure to the regulators to minimise the impact on the business.

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