Financial Crime World

Compliance Risk Assessment in Mongolia: What UC Berkeley Employees Need to Know

As UC Berkeley researchers and employees embark on international projects in Mongolia, it is crucial to navigate the complex landscape of U.S. government compliance requirements. Failure to comply can have severe consequences for both individuals and the University.

Compliance Requirements

UC Berkeley requires its employees to adhere to various U.S. laws when engaging in foreign activities, including:

  • Import Controls: Comply with U.S. import requirements, potentially enlisting the services of a customs broker for shipments arriving by sea.
  • Export Controls: Apply to advanced software and technology, research data, and other sensitive assets.
  • Tax Reporting: Taxed in foreign countries as both the University and its employees may be taxed.
  • Foreign Bank Account Reporting: Report foreign bank accounts to avoid penalties and fines.
  • Country Embargoes and Targeted Sanctions: Comply with restrictions on transactions with specific countries or entities.
  • Foreign Corrupt Practices Act: Prohibits bribery and requires transparency in financial transactions.
  • Anti-Boycott Laws: Prohibit individuals and entities from participating in boycotts not approved or sanctioned by the U.S. government.

Compliance Guidelines

To ensure compliance, UC Berkeley has established guidelines for:

  • Opening Foreign Bank Accounts: Contact the Controller’s Office to navigate this process.
  • Real Estate Agreements: Contact the Real Estate Services Office to navigate this process.
  • Other International Transactions: Contact the Controller’s Office or Research Administration Compliance Office for guidance.

Additional Resources

For further guidance, employees can consult with:

  • Research Administration Compliance Office
  • Controller’s Office
  • Office of Legal Affairs

The University’s [International Compliance webpage](insert link) provides additional resources and information on compliance-related issues.

Conclusion

As Mongolia’s Transparency International survey rated 37 out of 100 for perceived public sector corruption, it is essential for UC Berkeley employees to exercise caution when engaging in international collaborations and transactions. By understanding these compliance requirements, researchers can minimize risk and ensure successful projects while maintaining the University’s reputation.