Tag Archives: TORRES LAW

ILN Today Post

Customs Valuation: Are You Inadvertently Undervaluing Imported Merchandise?

This Customs Valuation Guide offers a reminder of the importance of reviewing company financial data and the risks of failing to do so.

We recommend companies review their financial data minimally on an annual basis. For some importers, an end of year review might be the most appropriate depending on the industry cycles. A comprehensive Customs compliance program is an integrated balance of internal and external resources. A new or periodic review conducted by external resources with the combined perspective of Customs, CBP criteria and Rulings, supply chain, accounting, and auditing can identify any potential concerns before a Customs inquiry or audit.

To access the guide, click HERE. 

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There’s a New Economic Sanctions Sheriff in Town: the SEC

In recent years, the U.S. Securities and Exchange Commission appears to be taking a more active role in a regulatory area for which it is not traditionally associated: economic sanctions. So far this year, the SEC has sent comment letters to several major public companies, including PayPal and The Bank of New York Mellon, inquiring about business activities related to U.S. Department of the Treasury’s Office of Foreign Asset Control (“OFAC”) economic sanctions.

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Who’s Who Legal: Trade and Customs 2019 Recognizes Torres Law Founder

WASHINGTONSept. 24, 2019 /PRNewswire/ — Once again, Torres Law, an International Trade & National Security law firm, is delighted to announce that the firm’s Founder and Managing Member, Olga Torres, has been recognized by Who’s Who Legal: Trade and Customs 2019, a guide to the world’s leading trade and customs lawyers, economists, and anti-dumping consultants.

Who’s Who Legal publications identifies the prominent legal practitioners in more than 150 national jurisdictions, covering 34 areas in multiple global areas of business law. The services of Who’s Who Legal are intended to serve as reference sources for companies seeking to corroborate the reputations of lawyers recommended by another party. Only lawyers who have met independent international research criteria from peers and clients are listed, and it is not possible to buy entry into any Who’s Who Legal publications. Read more…

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ILN Today Post

Finance Monthly M&A Awards 2018

Torres Law is excited to announce that through a rigorous selection process, Finance Monthly has named our firm “the Trade & Cross-Border Transactions Law Firm of the Year” in the United States.

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Mergers & Acquisitions: Successor Liability and Trade Law

Past compliance with the full range of international trade, export controls, and economic sanctions laws and regulations should be a critical element of due diligence in mergers and acquisitions. Unfortunately, trade compliance is often overlooked. As in other areas of law, successor liability has been applied repeatedly to hold acquiring companies liable for export and import violations that occurred before the acquisition. Penalties for violations of these laws can exceed $1,000,000 per violation. In addition, remedying past violations can be time consuming and could potentially restrict the company’s future ability to export and contract with the government. As such, any company contemplating a merger or acquisition should ensure they have a framework in place to screen a target company’s export and import activities.

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What Corporate Lawyers and Businesses Should Know About Customs Compliance

Since the Trade Facilitation and Trade Enforcement Act of 2015 (“TFTEA”) was signed into law in February 2016, U.S. Customs and Border Protection (“CBP”) has increased enforcement of U.S. import laws and regulations. Increased enforcement and associated risks should drive an increased focus by importers on compliance with CBP regulations. However, there remains a knowledge gap among some importing companies and non-trade attorneys related to a few of the basics of import regulations. In this regard, businesses and corporate attorneys should familiarize themselves with the issues below in order to navigate the increasingly risky waters of customs compliance.

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A List of Lists and More Lists: Designations and What They Mean for U.S. and Non-U.S. Companies

The U.S. government maintains a variety of lists of sanctioned or denied parties—including entities, individuals, aircraft, and vessels—with whom companies and individuals are prohibited or restricted from dealing. These lists are assembled for different reasons and under differing authorities. That is, what might get an entity onto a list and how that entity might work to get off the list depends on the authorities and the national security purposes underlying the designation.

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ILN Firm of the Month – Torres Law – Customs & Global Trade!

The ILN is proud to announce our latest firm of the month, Torres Law – Customs & Global Trade!

Torres Law is a practice based in Dallas, Texas and Washington, DC with focus on international trade and customs law. Torres Law’s practice areas include customs, exports, economic sanctions, FCPA and industrial security.

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ILN Today Post

Insights Should I File a Customs Prior Disclosure?

Many importers have experienced, at one time or another, that horrible, stomach-turning feeling that comes with the realization that merchandise they have been importing has been entered under the wrong HTS code or with the incorrect value. These and similar errors constitute violations of 19 U.S.C. § 1592, and upon such discovery, the importer must ask, “Should I submit a Prior Disclosure to U.S. Customs and Border Protection (“CBP”)?” The answer to that question will depend on a variety of factors, which will be discussed in this article.

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Foreign Companies Must be Mindful of the Extraterritorial Reach in the Newest U.S. Sanctions Law Developments

Pursuant to Section 231(a) of the Countering America’s Adversaries Through Sanctions Act (“CAATSA” or “the Act”),[1]  beginning January 29, 2018, President Trump is required to impose five or more of the Act’s laundry list of sanctions, found in Section 235, on persons that the President has determined to have knowingly engaged in a “significant transaction” with a person that is part of, or operating for or on behalf of, the defense or intelligence sectors of the Russian government. This article reviews the extraterritorial impact of the Act on non-U.S. persons, and provides some guidance regarding how to best prepare for these new developments.

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