What regulations does an importer or exporter need to know?
A. Regulations restricting or preventing foreign commerce are published by the Treasury, Commerce and State Departments. The main set of regulations is published by the Commerce Department, and is called the Export Administration Regulations (EAR). The Commerce Department also publishes a frequently updated watch list called the BIS DPL that contains hundreds of individuals and businesses. U.S. businesses wishing to import or export should incorporate checking of the watch list into their business processes. Doing business with an entity on the BIS DPL list can result in large fines and other possible penalties. Additionally, import/export restrictions can be based on source or destination country, product type or components, end use, and many other elements.
