Wednesday, October 1, 2008

Grace Period for AES Filing Ends September 30

Although the final rule for filing export information by AES became effective on July 2, 2008, the trade was allowed a 90-day grace period to fully implement the process. The grace period for mandatory Automated Export System (AES) implementation ends September 30, 2008. Beginning October 1, exporters will be required to use AES or AESDirect to report all shipments requiring a Shipper’s Export Declaration (SED).

Some of the highlights of these new regulations include the following.

• Elimination of the ability to submit the Shipper’s Export Declaration (Form V-7525) manually; all transactions require electronic reporting.

• More rigorous penalty provisions may be imposed per violation from $1,100 to $10,000 both civil and criminal, for the delayed filing, failure to file, false filing of export information, and/or using the AES to further any illegal activity.

• New filing deadlines by mode of transportation for reporting export information.

Anyone submitting paper after September 30, 2008 will be in violation of the FTR and subject to penalties. It is important for the trade to understand these new requirements to avoid the increased penalties and seizure of shipments. For additional information on the mandatory filing requirements, check the AES website and 73 Fed. Reg. 31548 (June 2, 2008).

No comments: