On the 26th of July, 2023, a significant legal communication was issued by three key United States government bodies; the Department of Justice (DOJ), the Department of Commerce’s Bureau of Industry and Security (BIS), and the Department of the Treasury’s Office of Foreign Assets Control (OFAC). These departments collectively released a Tri-Seal Compliance Note titled: Voluntary Self-Disclosure of Potential Violations.
The main focus of this Compliance Note is the guidance surrounding voluntary self-disclosure policies applicable to U.S. sanctions, export controls and other national security laws. This release signifies an essential development for legal and compliance professionals, as it provides specific clarification on these crucial areas of the law that directly impact the operations of major corporations and law firms. Here is the Compliance Note for further reading.
In addition to providing clarity on established laws, this joint Compliance Note also accentuates the importance of good corporate governance practices, including commitment to compliance, self-disclosure, and remediation. It goes on to set out the implications for corporations if they fail to follow these guidelines. Further information can be obtained from the DOJ, BIS, and OFAC, who seek to promote awareness and understanding of these regulations.
As legal professionals, it is crucial to stay up-to-date with these compliance notes, especially those that elaborate on voluntary self-disclosure polices and related legal frameworks. Violations of export controls, sanctions, and other important areas of national security law can have profound effects on corporations and the wider business landscape. The issuance of this Compliance Note by these three central U.S government departments should be considered a key resource for legal professionals working within major corporations and law firms.