JPMorgan Chase Vastera has built upon its existing practice to create one of the industry’s largest International Traffic and Arms Regulations (ITAR) consulting teams. The move comes in response to an increase in customer and prospect demand, along with increased US Government scrutiny and concern about the unauthorized export of sensitive technologies. As a specialty area within Vastera’s Trade Management Consulting practice, Vastera now employs nearly 20 ITAR-compliance consultants with nearly 150 combined years of ITAR-specific experience. In addition, all 45 of Vastera’s export consultants have training in commodity jurisdiction matters.
The latest addition to JPMorgan Chase Vastera’s team is John Priecko, Vice President, Global Trade Compliance Solutions. John’s recent experience includes oversight of about 13,600 munitions cases; processing more than 110 Voluntary & Directed Disclosures, and more than 500 jurisdictional determinations and individually reviewing and coordinating over 2,100 licenses, agreements, advisory opinions and other related actions for the Armed Services.
JPMorgan Chase Vastera helps manufacturers and exporters maintain compliance with the ITAR. The ITAR covers any item modified or tweaked in any way for military application. This covers almost all items sold directly or indirectly to the military unless the commerce item remains absolutely unchanged. This can include electronics, computers, telecom, chemical products, glass products, vehicle parts, and virtually all commercial items. Of course, the ITAR also covers firearms, explosives, aircraft and parts, protective equipment (pressure suits, helmets, gas masks, etc.), electronics (including communications or navigation equipment), software and many chemicals.
“While JPMorgan Chase Vastera has offered ITAR consulting for many years, we have expanded the size of our staff as ITAR compliance has become one of the hottest export control issues this year,” said Jim Wilson, Global Head of Trade Management Consulting, JPMorgan Chase Vastera. “Non-compliance with the ITAR can stop your supply chain in its tracks and result in significant fines. The ITAR is complex, challenging, sometimes vague, not intuitive and very much subject to interpretation. If you leave it to the experts, you can save your company significant time and expense.”