The Department of the Treasury is required under section 999(a)(3) of the Internal Revenue Code of 1986 to publish a list of countries which require or may require participation in, or cooperation with an international boycott.
As of 5/16/2018, these countries include:
United Arab Emirates
The full Federal Register notice can be found here.
Office of Antiboycott Compliance (OAC)
The United States Export Administration Regulations (EAR) require all US persons (individuals, corporations) to report requests they have received to take actions to comply with, or support an unsanctioned foreign boycott. The Treasury Department publishes a quarterly list of “boycotting countries.”
What do the Laws Prohibit?
Conduct that may be penalized under the TRA and/or prohibited under the EAR includes:
(1) Agreements to refuse or actual refusal to do business with or in Israel or with blacklisted companies.
(2) Agreements to discriminate or actual discrimination against other persons based on race, religion, sex, national origin or nationality.
(3) Agreements to furnish or actual furnishing of information about business relationships with or in Israel or with blacklisted companies.
(4) Agreements to furnish or actual furnishing of information about the race, religion, sex, or national origin of another person.
(5) Implementing letters of credit containing prohibited boycott terms or conditions.
How To Report?:
All requests for boycott participation is required quarterly and can be filed electronically or by mail (Form BIS 621-P or BIS 6051P). BIS 621-P should be used for single transactions and BIS 6051P for multiple transactions in which boycott requests may have been received in a calendar quarter.
If you have any questions about boycotts, contact experienced trade and compliance attorney, Davis Hsu at 832.896.6288 or by email at: firstname.lastname@example.org.