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ARTICLE · 05 DECEMBER 2006

International Client Alert, November 2006

Powell Goldstein LLP
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A settlement agreement entered into between EP MedSystems and the Bureau of Industry and Security on November 3 does little to refute the common wisdom that companies should never file a voluntary disclosure with BIS unless they are almost certain that BIS will otherwise discover the problematic export.

United StatesInternational Law
Clif Burns
Clif Burns

BIS Fines EP Medsystems For Filing Voluntary Disclosure

A settlement agreement entered into between EP MedSystems and the Bureau of Industry and Security ("BIS") on November 3 does little to refute the common wisdom that companies should never file a voluntary disclosure with BIS unless they are almost certain that BIS will otherwise discover the problematic export.

At issue are six shipments of seven items of heart monitor equipment valued at $510,590. The equipment was shipped by EPMed to Iran between March 2001 and April 2004 without a license. Shipments of these devices after July 26, 2001 would have been permissible under the Trade Sanctions Reform Act of 2000 provided that a BIS license had been obtained. Five of the six shipments in question occurred after that date. The company agreed to settle the charges for payment of a fine of $244,000.

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