The US government says that more than 4,600 shipments, valued at $1.64 billion, have been stopped as of this month for inspection under the Uyghur Forced Labor Prevention Act (UFLPA). Implementation of the act is challenging and sometimes dangerous for firms, because Chinese authorities have raided companies in China that conduct due diligence research to determine whether their supply chains are linked to forced labor or sanctioned entities.
FiveBy last year published an advisory, noting that a thorough examination of supply chains, transit countries, and risky goods, such as apparel, footwear, textile, electronics, solar panels, and automotive parts from entities with ties to China, Malaysia, and Vietnam, is necessary to protect profits and avoid having goods confiscated.
This week’s Insights contain new sanctions, new regulations, new fraud and scams, and so much more! Click below for our take on the news.