8. Export Enforcement Case Study: Flowserve's $3 Million Global Settlement
Item SKU: FLOWCD2011
What happens when a multinational firm
discovers violations of U.S. export controls
among its domestic facilities and foreign
subsidiaries in numerous countries? That's the
dilemma Flowserve faced when its headquarters
learned that several of its facilities may have
violated the Export Administration Regulations
and sanctions imposed by the Office of Foreign
Assets Control (OFAC). After making a voluntary
self-disclosure, Flowserve and 10 of its
subsidiaries reached a global settlement and
agreed to pay $3 million in civil penalties.
What can you learn from Flowserve's experience?
When is an internal audit needed? What benefits
come from submitting a voluntary disclosure?
How do you negotiate global settlements with
government regulators? How can remedial actions
cut your potential fines? This timely
audio-conference briefing will answer these and
many other questions. Our speakers are Scott E.
Sullivan, VP Global Trade, Compliance &
Corporate Inquiries, Flowserve Corporation;
George D. Richardson, Special Agent in Charge,
Bureau of Industry and Security, South Central
U.S. Region (Dallas, Texas); Gregory Michelsen,
Senior Counsel in Commerce's Office of Chief
Counsel for Industry and Security; and Eric
McClafferty, Partner, Kelley Drye & Warren.
To receive a CD recording of this briefing and
speaker PowerPoints, just click Add to Cart