Fenwick partner Melissa Duffy spoke with Global Investigations Review to discuss the impacts of the Bureau of Industry and Security's (BIS) recent memo on companies considering voluntary disclosure of illegal exports. The update outlined the potential risk companies run by failing to disclose “significant possible violations” of U.S. export controls.
The memo "fundamentally shifts the overall equation,” Duffy said, for companies contemplating whether to disclose a possible export violation. "Now it's not just neutral not to [disclose misconduct], but it's affirmatively something that can be used against you. It runs counter to what has been the established practice for many years and what companies have been relying on in making their evaluations," she explained.
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