Advancing UK Aerospace, Defence, Security & Space Solutions Worldwide

Aerospace Defence Security Space

AEB publishes new compliance fact sheet

As increasing security threats and political instability across the globe fuel changes in export control regulations and frequent, new restrictive measures, a new fact sheet published by AEB, aims to support businesses engaged in global trade to identify and manage compliance risks successfully.

Above: The new AEB fact sheet, 'Three steps to exposing compliance risks' can be downloaded free of charge at: www.aeb.com/uk/media/fact-sheet-compliance-risks.php

Sanctions by national, regional, and global authorities aim to combat violations of international law, proliferation of weapons of mass destruction, and global terrorism. While global bans and restrictions are essential for secure and fair global trade, they also present tremendous challenges for businesses looking to operate efficient, competitive, and secure supply chains. Those who violate EU regulations or US sanctions face harsh consequences: penalties, imprisonment, and the loss of licensing and customs privileges. This is often followed by reputational damage, loss of business, and trade restrictions impeding further international business activities.

Advertisement
Farsound RT Brain

Every company is responsible for ensuring that it does not provide funds or economic resources to any individuals or organisations on whom financial sanctions have been imposed. Sanctions list screening involves checking all business contacts stored in a company’s ERP and logistics systems for matches in the defined restricted party lists. Companies who are already screening their business contacts against the OFAC SDN or the EU’s CFSP sanctions lists are already ideally positioned to meet their legal requirements in this respect.

However there are compliance risks that cannot be identified with the help of restricted party lists. Also there are three important areas harbouring common pitfalls that companies looking to ensure due diligence need to be aware of:
1.    Bans on indirect provisions
2.    Prevention of corruption and money-laundering
3.    Brand damage through indirect involvement in illegal or illicit business transactions

Geoff Taylor, Managing Director of AEB (International) Ltd, said: “The price for non-compliance with global trade bans and restrictions is high and no business can afford reputational damages, fines, or criminal charges in today’s competitive, global marketplace. Our new fact sheet explains three main compliance traps that present significant potential for risk – especially for larger companies with international customers. It’s also of special relevance for businesses in industries with high public visibility like the financial sector and in highly regulated environments like aerospace and defence or the pharmaceutical industry. Our fact sheet explains what steps companies can take to expose and manage these risks successfully – achieving visibility, compliance and competitiveness at the same time.”

 

Advertisement
Farsound RT Brain

 

Advertisement
Advanced Navigation LB 1
EasyJet inaugurates new Birmingham base

Aerospace

EasyJet inaugurates new Birmingham base

18 March 2024

EasyJet has today inaugurated its newest UK base, at Birmingham Airport, the airline’s ninth UK base and first new base in the UK in more than a decade, creating 140 direct jobs for pilots and crew in the UK and in total supporting around 1,200 jobs.

Viasat

Aerospace Space

Viasat's IFC selected by Royal Jordanian Airlines

18 March 2024

Royal Jordanian Airlines and Viasat have announced that the airline will officially make high-speed Wi-Fi a priority to enhance its future passenger experience by selecting Viasat's in-flight connectivity (IFC) solution across multiple fleets.

CAE to provide Boeing 737MAX pilot training for Akasa Air

Aerospace

CAE to provide Boeing 737MAX pilot training for Akasa Air

18 March 2024

CAE today announced that it has signed a long-term agreement with Akasa Air, to provide Boeing 737MAX pilot training at CAE’s facilities in India.

UK Future of Flight Action Plan launched

Aerospace Security

UK Future of Flight Action Plan launched

18 March 2024

Flying taxis, crime-fighting drones and critical 999 care deliveries could all be a reality by 2030 thanks to the UK Government and industry’s joint Future of Flight Action Plan, announced by the Department for Transport (DfT) today.

Advertisement
ODU RT
Flightdeck Films delivers careers videos for L3Harris and Menzies Aviation

Aerospace

Flightdeck Films delivers careers videos for L3Harris and Menzies Aviation

18 March 2024

Flightdeck Films has announced creative partnerships with L3Harris and Menzies Aviation to help them recruit and retain top talent using video.

BA overhauls airport ground equipment at Heathrow

Aerospace

BA overhauls airport ground equipment at Heathrow

18 March 2024

British Airways is embarking on a multimillion-pound investment programme to overhaul its ground support equipment at Heathrow Airport, as part of its commitment to reducing emissions both in the air and on the ground.

Advertisement
Advanced Navigation RT