Custom’s New Measure on Repatriation and Settlement of FX

Through General Instruction DGA 7/22, published in the Official Gazette on November 16, 2022, Customs had instructed its officers to preemptively suspend from the Register of Importers and Exporters those exporters appearing as non-compliant in the “Monitoring of foreign exchange negotiations for exports of goods” (SECOEXPO) that had not—within 10 days—repatriated and settled the FX or otherwise provided a guarantee.

Along these lines, General Instruction DGA 19/23, published on November 3, 2023, added that the authority may now start disciplinary proceedings against operators showing non-compliance equal to or above USD 150,000. Customs also instructed its officers to preemptively suspend operators in ‘riskier’ situations.