Big fines coming for companies with export violations, says ex-Commerce official

Big Fines Coming for US Export Violations, Says Ex-commerce Official, as China Sales Probed

The U.S. Commerce Department is likely to impose hefty fines on companies in the coming months for illegally shipping technology to customers in countries like China, a top department official who left last month said on Thursday. Matthew Axelrod, as Commerce’s assistant secretary for export enforcement during the Biden administration, pushed for tougher penalties against companies that violated export controls on China, Russia and Iran. He sign…

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Big fines coming for companies with export violations, says ex-Commerce official

By Karen Freifeld (Reuters) – The U.S. Commerce Department is likely to impose hefty fines on some large companies in the coming months for offenses such as illegally shipping technology to customers in China, according to a top department official who left last month. Matthew Axelrod, as Commerce’s assistant secretary for export enforcement during the Biden administration, pushed for tougher penalties against companies that violated export cont…

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A former senior U.S. Commerce Department official revealed that in the coming months, the U.S. government may impose heavy fines on companies that violate the regulations in exporting technology to China and other countries, and relevant investigations are still ongoing.