Complying with International Trade Laws

Complying with International Trade Laws

LocateBands.com which is owned and operated by BigCat Interactive, inc. connects sellers and buyers from around the world; it is part of what makes our marketplace so special. However, when dealing with transactions that may cross international borders, sellers and buyers must be aware of their obligations to comply with various laws affecting international trade, both in the United States and abroad.

In the United States, the Office of Foreign Assets Control (“OFAC”) at the U.S. Department of the Treasury administers various economic and trade sanctions that prohibit dealing with certain designated persons and targeted countries. Because LocateBands is a US based company, all members who buy and sell on LocateBands are subject to these restrictions. For example, this includes restrictions on:

  • Transactions involving the countries of Cuba, Iran, Sudan and Syria, or involving any individual or organization located in those countries;
  • Transactions involving any item of Cuban or Syrian origin;
  • Transactions involving Cuban nationals;
  • Imports from North Korea;
  • Transactions involving jadeite or rubies from Burma (Myanmar); and
  • Any transaction or dealing with an individual or entity specifically identified by OFAC, notably those listed on OFAC’s Specially Designated Nationals (“SDN”) List or Foreign Sanctions Evaders (“FSE”) List.

LocateBands’ policies prohibit our members worldwide from engaging in any transaction that would violate OFAC sanctions. While we attempt to protect our members from unwittingly violating these laws by preventing certain prohibited transactions, it is up to each seller and buyer to ensure that he or she is familiar with—and compliant with—OFAC regulations.

LocateBands members can consult the OFAC website for complete information about the various sanctions programs administered by the U.S. Department of the Treasury: http://www.treasury.gov/resource-center/sanctions/Pages/default.aspx.

In addition, LocateBands members should be aware that other countries may have their own set of trade restrictions, and that certain items may not be allowed for export or import under foreign laws. You should consult the laws of any foreign jurisdiction when contemplating a transaction involving the shipment of goods overseas.

Finally, LocateBands members should be aware that third-party payment processors, such as PayPal, may independently monitor transactions for sanctions compliance and may block some transactions as part of their own compliance programs. LocateBands has no authority or control over the independent decision-making of these providers.