Prior Disclosure - What Every Member of the Trade Community Should Know (An Informed Compliance Publication)

Download or read book Prior Disclosure - What Every Member of the Trade Community Should Know (An Informed Compliance Publication) written by U.S. CUSTOMS AND BORDER PROTECTION and published by . This book was released on 2020-03-19 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The prior disclosure provision contained in 19 U.S.C. ¤ 1592 provides reduced penalties to a person who notifies CBP of the circumstances of a violation of the customs laws and regulations, before CBP or U.S. Immigration and Customs Enforcement (ICE)/Homeland Security Investigations (HSI) discovers the possible violation and notifies the party of the discovery of the possible violation. In certain cases, a valid prior disclosure may result in either substantial mitigation or cancellation of a penalty in full. Valid prior disclosures can save a person time and money, but all parties (including CBP) must be aware of the prior disclosure requirements in order to realize the benefits of this provision of law. The official CBP policy is to encourage the submission of valid prior disclosures. It is important to remember that this ICP only involves prior disclosures submitted pursuant to 19 U.S.C. ¤ 1592.