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Anti-Boycott Compliance

Anti-Boycott Compliance. Barb Secor Director Global Trade Compliance June 2, 2010. Who Were We?. Who Are We Now?. Thermo Fisher Scientific Business Units. US Exporters of Record: 69 Overseas Subsidiaries: 128

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Anti-Boycott Compliance

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  1. Anti-Boycott Compliance Barb Secor Director Global Trade Compliance June 2, 2010

  2. Who Were We?

  3. Who Are We Now?

  4. Thermo Fisher Scientific Business Units • US Exporters of Record: 69 • Overseas Subsidiaries: 128 • Number of business units requiring awareness of and training on anti-boycott issues: 197

  5. Employee Awareness • Export Management System (EMS) • Automated screening • On line and in person export compliance trainings and workshops • Newsletter Update

  6. Export Management System (EMS) • Corporate policies and procedures relating to exports and re-exports of US products • Guide to assist operating units in implementing export controls • Located on Thermo Fisher intranet • Policy applies to all Thermo Fisher employees worldwide, including employees of Thermo Fisher subsidiaries

  7. Export Management System (EMS) • States that all business units must perform the anti-boycott screen • U.S. anti-boycott laws apply to non-U.S. business units if they are controlled by a U.S. company (and “control” is presumed due to ownership by Thermo Fisher) • States that all exports must be screened for anti-boycott requests • Part of export transaction screening checklist • Part of Letter of Credit checklist • Gives explanation of regulations and examples of anti-boycott language

  8. Export Management System (EMS) • Directs where to access actual regulations • Part 760 of Export Administration Regulations (EAR) • Directs where to locate tax laws pertaining to anti-boycott • 26 U.S.C. § 999 • Provides Department of Treasury list of participating countries and warns of others • Instructs business unit to promptly inform and consult with a member of the Global Trade Compliance (GTC) team so that the proper determination is made and appropriate action taken for all boycott requests

  9. Export Management System (EMS) • Financial personnel of the business unit (e.g., its Controller) should also be informed so that they can assess whether additional reporting and/or other action is needed for tax purposes • Note that there are differences in the “boycott” export and tax regulations – some activities that are permitted/not reportable under export regulations are not permitted/are reportable under tax regulations, and conversely • Dual review and reporting is essential • A member of the Global Trade Compliance (GTC) team should be asked to help fill out/review the report before it is submitted • Boycott screening should be documented in writing; listing the customer, order, person who performed the screen, date, and results (including required reporting of boycott requests)

  10. Implementation Of The EMS Policies • Local compliance personnel (Export Coordinator and backup) required to implement all aspects of EMS at their location • Must provide training and awareness to all employees at their site who may encounter boycott requests • Responsible for ensuring that screening is being done • Part of the business unit assessment done by corporate GTC team

  11. Training and Awareness • Automated screening via some Enterprise Resource Planning (ERP) systems with compliance capabilities • Online Export Compliance Awareness • Part of mandatory annual ethics training • Provided to all personnel involved in exporting • Includes international operations, customer service, sales, etc. • Basics of Export Compliance • Four regional trainings provided annually by GTC team • Advanced Export Compliance Workshops • Two annual regional hands on workshops • Overseas training in US export controls • Newsletter Update with enforcement cases • Monthly electronic compliance publication sent to all personnel globally involved in US exports and imports and senior management

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