article thumbnail

Procurement Can Prepare for  Supply Chain Risk

ivalua

Globalisation has made is much easier for UK businesses to trade across borders, allowing access to lower cost sources of supply and new markets. Office of Foreign Assets Control (OFAC) after their suppliers used third party vendors in North Korea, falling foul of North Korea Sanctions Regulations.

article thumbnail

Made in “I Really Don’t Know”

Talking Logistics

As first reported by Fairfax Media , a factory in North Korea has been making high-priced surf and snow gear for Australian surfwear company Rip Curl since at least 2014, with the garments labeled “Made in China.” We do not approve or authorise any production of Rip Curl products out of North Korea.”

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

The Global Trade Compliance Market is Crazy!

Logistics Viewpoints

In April of 2022, British American Tobacco, headquartered in the UK, agreed to pay $508 million in fines for selling their products to North Korea. Finally, in making sourcing decisions, global trade compliance needs to be part of companies strategic sourcing programs. Treasury Department.

Global 174
article thumbnail

How the Inflation Reduction Act’s EV Tax Credit Will Reshape Supply Chains

QAD

Those sourcing requirements are scheduled to increase by 10% every year beginning in 2023. The Inflation Reduction Act aims to ensure critical minerals are sourced ethically and sustainably, as well as in a manner that helps stimulate US manufacturing growth.

article thumbnail

Chinese New Year Shutdown 2020: How to Prepare

ShipBob

In mainland China (and even in other countries that celebrate the holiday such as Indonesia, Malaysia, North Korea, Singapore, South Korea, Vietnam, and Brunei), the Chinese New Year holiday is a very big deal. For some Americans, the holiday comes and goes without them even noticing. Consider other manufacturing locations.

How To 136
article thumbnail

Mitigating Geopolitical Risks in the Supply Chain, Part One

Enterra Insights

” • Notorious North Korea. Interestingly, Kupchan and Bremmer didn’t include North Korea as one of their trouble-spots for this coming year. Journalist Jean Mackenzie reports, “[North Korea] fired more missiles than ever before in a single year.

article thumbnail

In Chains: How to Approach Human Trafficking in your Supply Chain

Elementum

Many OEM’s use labor organizations to source laborers because it is cheaper and more efficient; however, by doing so they run the risk of employing forced laborers in the process. Often, these workers are subjected to terrible living conditions and malnourishment, with no compensation.