The current socio-political scenario and rising tide of export controls and sanctions makes an already complex situation, even more so. The list of countries and people sanctioned varies by country – even in the EU, some measures are at a country level. Additionally, the rigor with which customs authorities monitor the use of dual-use goods and technologies is on the rise. The consequences of violating export controls or sanctions are tremendously high and include fines, imprisonment and/or reputational damages.
Staying up to date with export controls and sanctions should be a top priority for any company trading globally. At KPMG, our Trade & Customs experts help clients comply with export controls and sanctions by setting up a compliance infrastructure and monitoring system.