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BIS (Bureau of Industry and Security), Department of Commerce of the U.S. removed 33 companies, including 27 Chinese companies from Unverified List with effect from 22 August 2023.
The Unverified List is part of the US Export Administration Regulations (EAR). BIS may place a company on the Unverified List when it is unable to complete an “end-use check” to verify certain information. Unlike BIS’s Entity List, the Unverified List does not prohibit exporting US-origin goods to a listed company. Instead, exporters must obtain a certification called a “UVL statement” from the company before providing them items that are subject to the EAR.
The Unverified List does not impose financial sanctions. Once BIS is able to perform an end-use check, it may remove a company from the Unverified List.
As the international landscape is volatile, a business report will help you to reduce your business risk when you are planning to establish a new relationship or monitor transactions with your current counterpart. Please do not hesitate to contact us.
Whatsapp : (852) 6499 4686 Phone : (852) 2186 6936 Email : info@intershores.hk
Disclaimer: Whilst reasonable care has been taken in provision of information above, it does not constitute legal or other professional advice. INTERSHORES does not accept any responsibility, legal or otherwise, for any error omission and accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, readers are advised to take appropriate professional advice before committing themselves to any involvement in jurisdictions, vehicles or practice.. |
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