TE Connectivity Settles for $5.8 Million on Violating US Export Laws 🛡️
Global electronics company TE Connectivity has agreed to pay $5.8 million to settle with the U.S. Department of Commerce for illegally shipping items to parties tied to Chinese hypersonics, drone, and military electronics programs. TE Connectivity violated US export control laws 79 times between 2015 and 2019, mostly by shipping wires, circuit-board connectors, and other low-level items to restricted customers, as per the Commerce Department.
US Export Controls on Technology and Chinese Parties 📜
- The US imposed sweeping export controls on US technology and added hundreds of Chinese parties to its export control list to limit China’s military strengthening.
TE Connectivity’s Violations and Disclosure 🚫
- Switzerland-based TE Connectivity disclosed violations of export controls to the Commerce Department after discovering them, voluntarily.
- The department’s investigation found TE exported $1.74 million worth of items to Chinese parties on its restricted “Entity List,” among other violations.
- Company representatives in China concealed and disguised certain customers, such as state-owned military corporations, as reported by the department.
Implications and Statement on the Settlement 💬
“Today’s penalty takes into account both the cooperation of TE Connectivity in disclosing violations to us and the seriousness with which we act when a company permits China’s destabilizing military modernization programs to benefit from US technology,” Commerce official Matthew Axelrod said in a statement.
“We have fully cooperated with BIS and are pleased to have reached a settlement in this matter,” a TE Connectivity spokesman said in a statement. “We have a strong commitment to compliance with trade laws.”
Hot Take: Stay Informed and Compliant in the Regulatory Landscape 🔒
As a crypto enthusiast interested in global regulations impacting the tech industry, it is crucial to stay informed about export controls and compliance procedures organizations adhere to. TE Connectivity’s recent settlement highlights the significance of transparency and cooperation with regulatory authorities to ensure adherence to trade laws and national security measures.
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