|
|
Article: Focus On The Financial Services Industry: What Banks And Other Financial Services Companies Need To Understand About U.S. Export Controls And Economic Sanctions.(United States. Department of the Treasury. Office of Foreign Assets Control)
- Article from:
- Mondaq Business Briefing
- Article date:
- November 3, 2008
CopyrightCOPYRIGHT 2008 Mondaq Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
It goes without saying that the United States Government imposes numerous controls on the export of products and technologies. The classic "export control" prohibits the transfer of military items to countries and individuals with which the United States is not friendly.
However, the scope of prohibited transactions encompasses more than what one might traditionally think of as "defense articles" (e.g., missiles or other weapons). The transmission of various sorts of intellectual property and technical data to foreign countries, or foreign nationals in the United States without the appropriate authorization, can also violate the law. Compounding matters is the ...