GI-2024-48-reg1: Proceeds of Crime (Money Laundering) and Terrorist Financing Reporting of Goods Regulations

Businesses involved in importing, exporting, producing, supplying, distributing, or warehousing goods are affected, including customs self-assessment (CSA) importers, sufferance warehouse operators, bonded warehouse operators, and businesses trading under free trade agreements. These businesses must maintain extensive records — covering purchase, payment, origin, inventory, and disposal of goods — for six years from the relevant date. Non-compliance can result in penalties ranging from $1–$500 for minor voluntary disclosures up to the full fair market value of the goods involved for more serious violations. No specific cost estimates or number of affected businesses are provided in the available RIAS text.