Are you ITAR Compliant – 2021 Guide for Traders
Becoming ITAR-complaint does not have to be difficult and if you focus your efforts on the correct areas, you can create a streamlined business operation that will help you achieve compliance seamlessly
Modern-day traders must be aware of the various requirements related to compliance. One such set of rules are the International Traffic in Arms Regulations (ITAR). It is a regulatory regime that takes care of defense and military-related technologies. The primary objective of the ITAR is to ensure that US national interests can be safeguarded and foreign policy objectives can be bet. Therefore, it is extremely important for traders around the world to know about these rules and comply with them. This blog discusses the key aspects of ITAR compliance.
A Guide for Traders
There are various items that come under the ambit of ITAR. Some of these include firearms, chemicals, ammunition, launch vehicles, explosives, vessels, tanks, aircraft, as well as other military equipment. Traders that are dealing with these products must be extremely careful in order to avoid sanctions and penalties. The best policy is to cross-check the list of items that are covered under the ITAR.
These regulations are applicable to US citizens, permanent residents of the US, and corporations that are registered under US laws. Further, businesses must be aware of the authorizations and licenses that are needed to export their items to different parts of the world. In addition to this, the ITAR also covers a list of countries that are currently placed under US sanctions. Some of the countries that are covered under US sanctions include Iran and North Korea. Traders must keep checking this list regularly since it is updated from time to time.
It is also important to note that the ITAR is not only limited to products. Different types of technical data can also be covered under these regulations. It is advisable that traders check the sensitivity of the data that they are planning to export. According to US authorities, technical data can be defined as information related to the manufacturing of defense articles or significant military equipment (SME). This information can either be classified or unclassified. In addition, software products that are directly related to these sensitive items must also be fully compliant with the ITAR.
Traders must also be aware of the registration requirements under the ITAR. Traders who are dealing with sensitive items must register with the US department of state. In addition to this registration, they may also need to acquire special licenses or authorizations based on the category of product or data that is being exported. Thus, traders need to be aware of multiple types of ITAR compliance requirements.
In conclusion, it is evident that traders need to comply with several aspects of the ITAR. If you need external assistance related to your trade compliance program our global trade management software makes sure that your business is fully compliant with all trade regulations. For more information about our global trade management software offerings, please contact us.