The long-awaited laws from China have been passed in September and October 2020. These new regulations may affect companies around the globe and call for full compliance. What are the new laws about, who do they apply to, and what are businesses required to do? Here you can find out more. And how AEB software keeps your business safe and ensures China trade compliance.
All companies, organizations, and individuals that export controlled items from China as well as Chinese citizens, legal persons or non-legal-person organizations that provide controlled items to foreign entities are required to comply with this first-ever dedicated law on export controls as of December 1, 2020.
"Controlled items" can refer to many things and range included in China's new law is very broad. It is important to understand which goods, technologies, and activities may be affected. Read more about the new China ECL to find out what the new regulation means for your business and members of staff.
The Standing Committee of the National People’s Congress (NPC) in China passed the “Export Control Law of the People's Republic of China” (ECL) on October 17, 2020.
Moving controlled items is subject to special controls and applicable license requirements. AEB's Export Controls software automatically checks transactions against laws that are relevant to you.
Companies, other organizations, and individuals based in China are required to comply with the new regulation since the Provisions on the Unreliable Entity List took effect.
Many authorities across the globe publish official sanctions lists. It is important to understand the scope and implications of China's Unreliable Entity List with its new, official provision released by the Ministry of Commerce (MOFCOM). It represents a key cornerstone of China’s new export control regime.
The MOFCOM in China has released the Provisions on the Unreliable Entity List (UEL) on September 19, 2020.
Sanctions list screening is a key aspect of trade compliance programs. AEB's Compliance Screening software automatically runs restricted party screening in the background of your business transactions.