Law360 Runs Akin Article on ‘Tri-Seal’ Compliance Note

“The Self-Disclosure Calculus After Tri-Seal Compliance Note,” an article by Akin international trade partners Anne Borkovic and Ryan Fayhee and associate Blair Campion, has been published by Law360.

The article discusses the issuance of the second-ever tri-seal compliance note by the U.S. departments of Commerce, Justice and Treasury, which “describes expectations for companies voluntarily self-disclosing potential violations of sanctions, export control and other national security laws, urging voluntary self-disclosures without regard to whether there is an administrative or criminal violation.”

The authors review the key points of the note and provide an overview of the note in the context of the three agencies’ voluntary self-disclosure programs. They close by writing, “In sum, the note emphasizes the ways in which the [Department of Justice], the [Commerce Department’s Bureau of Industry and Security] and [the Treasury Department’s Office of Foreign Assets Control] are trying to incentivize companies to voluntarily disclose potential violations of U.S. export controls, sanctions and related national security laws."

Whether to disclose such violations is a risk-based decision for companies to make…However, the calculus as to whether to disclose even minor, technical violations is shifting toward favoring disclosure in many circumstances.”

To read the full article, click here.