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  • Export Controls / Economic Sanctions

    Countries around the world control exports of strategic items to certain countries. Korea is no exception to this practice. The Korean government has restricted the export of certain types of products to particular “blacklisted” countries, and it also has imposed complex reporting requirements on companies that wish to export particular strategic items to other countries. These reporting requirements assist the Korean government in monitoring and regulating exports of strategic items.

    Additionally, as a member of the United Nations, Korea has been an active supporter of economic sanctions imposed by the international community on certain countries. The Korean government has implemented various guidelines and special notification measures to assist it in identifying companies and individuals that violate these economic sanction requirements by supplying goods to countries that are on restriction lists.

    Violating these reporting requirements and exporting strategic and other products to countries on restriction lists can be prosecuted as criminal actions and impose both criminal and civil penalties on companies that violate these laws.

    In response to these rapidly changing export control laws and economic sanctions that are now imposed by most countries around the globe, our International Trade & Tax Advisory Team has formed a task force composed of attorneys, accountants and customs agents who can provide our clients with information, strategies and tactics to minimize the risks related to noncompliance with export and economic control laws.

     

    Services

    • Consult on scope and terms of export control laws and trade regulations that have been imposed against certain foreign countries, and provide strategies for compliance with those laws.
    • Draft manuals and policies to control exports and imports.
    • Draft manuals and policies on reporting requirements for exports and imports.
    • Represent companies and individuals in connection with criminal investigations for non-compliance with laws designed to control exports and imports.

    Key Contacts

    Sung-Eun Stephan Kim Ghil-Won Jo