Even though the summer heat wave tells you it’s not the time of year for retail store endcaps to be filled with Halloween candy corn, changing seasons can cause people to reflect on traditions. While many traditions produce warm memories, some belong in the past.

History is remarkable, and the expression is true; it repeats itself. In a blog post five years ago, I wrote that the year would “go down in the record books as the year of changing trade regulations.” Here is an excerpt from that 2017 blog. “Tax and duty, preferential trade, import/export controls, and other complex laws are all under the regulator’s microscope in countries around the world, adding another layer of risk to global commerce. Organizations like the Financial Action Task Force (FATF), UK National Crime Agency (NCA) and others are working to ensure that businesses do not engage in bribery as a means to obtain or retain business. Numerous countries worldwide have passed anti-corruption laws, such as the US Foreign Corrupt Practices Act (FCPA), the UK Bribery Act, the Canadian Corruption of Foreign Public Officials Act (CFPOA), Chinese Anti-Corruption Laws, and more. Some laws do not distinguish between small and large bribery payments, thus prohibiting facilitat...

The long-awaited changes by Customs and Border Protection (CBP) to modernize trade through the 21st Century Customs Framework (21CCF) are soon likely to be law. The impact will be substantial and widespread, using technology, transparency, and seamless data sharing to improve the flow of legitimate trade while targeting and enforcing compliance against unfair trade practices and high-risk importers. These changes will also have major implications for licensed customs brokers and U.S. importers of all types and sizes. Don’t be caught unaware!

Managing US export control programs is not for the faint of heart. New and emerging threats to US foreign policy and national security goals increase the risk of a sanctions penalty. As a result, companies must be able to demonstrate due diligence with a reliable screening process to avoid steep non-compliance penalties.

Companies doing business across borders face significant compliance costs and risks due to complex and ever-changing trade regulations. Global trade management (GTM) software helps companies automate international trade management processes to mitigate risks, ensure global trade compliance, and minimize the costs of international business in a volatile world economy. Companies using GTM solutions can achieve millions of dollars in duty savings, avoid customs delays and fines, protect their corporate reputation, and gain a competitive advantage, especially when they integrate global trade with end-to-end supply chain operations.

Whether through the 21^st Century Customs framework and legislative mandates or the use of new technologies, modernization is the theme in the fight against terrorism and an advanced move towards compliant trade.

Free trade agreements, foreign trade policies, sanctions and restrictions are making headlines more than ever in the past few decades.

The Due Diligence Screening application automatically screens individual or large volumes of partner records against over 680 restricted party lists (including OFAC's SDN List), 180 countries and roughly 98% of world trade, identifying individual transactions with potential sanctions risk for your review.

When introducing new products, changing suppliers or components or sourcing from new regions,  procurement teams need to take into account several factors.