TradeLane

I’m often tasked to speak about some of the trends that I see in global compliance. I’m privileged enough to get to interact on a daily basis with our practice leaders throughout the US, Canada, Europe, Asia, and the South Pacific. This allows for a more global perspective than most. The regulatory landscape is in a state of flux that has been rarely seen during my career, but to narrow it down, here are some of the big hitters that are shaping global compliance.

Put a band aid on it, it will be ok. Walk it off, you’re not really hurt and you’re holding up the game.

As a guy who has played hockey most of my life I have heard this many times. Then you wake up the next morning take a look and think “Hmm… That might need stitches”.  Sometimes trade programs do not look as good as you thought, too.

Over the years, I have talked to many importers and exporters about the state of their trade programs. Most listen with great interest and agree that their trade program does not get the attention it deserves. I usually ask one simple question: How much of your business relies on trade?

Then there are the excuses for not paying attention to the international movement of your goods. When I was in school, I had plenty of excuses and now in my career I have hear lots of them.

On January 16 2016, the United States announced that they are lifting certain US sanctions against Iran that are consistent with the announcement of Implementation Day and in compliance with the Joint Comprehensive Plan of Action (JCPOA). The United States Department of Treasury, Office of Foreign Assets Control (OFAC) released a general guidance document regarding the lifting of US sanctions under the JCPOA.

Did you know that the first football match Queen Elizabeth attended was the 1953 FA Cup Final? Did you know that, during her reign, there have been 12 prime ministers? Did you know that the queen has, during her entire reign, answered around three and a half million items of correspondence?

Obviously, there’s a lot to know about the Royals. They are inescapable if you live in the UK. The Queen is on all of our money; we pay taxes and import duties to Her Majesty’s Revenue and Customs (HMRC). Heck, I even pulled all those facts off of royal.gov.uk.

As a trade consultant, the Royal family is not the only kind of royalty I am interested in. There is also plenty to know about Royalty Payments and how they impact the declared value of goods when they are brought into the European Union.

As we all know, the Union Customs Code (UCC) changes are going into effect on May 1, 2016. We at Tradewin have had our ears to the ground waiting for the latest updates on these changes and how they may affect customs programs and procedures, such as Authorized Economic Operator (AEO) status.

From what we have learned, the UCC will have a big effect on EU traders.  

Under the new UCC, AEO licensing and the Binding Tariff Information process will be among the first changes implemented.