Chasing the Smugglers: The Rise of Private Financial Institutions as Enforcers of Global Trade Security

This project seeks to host a one-day interdisciplinary workshop on the emerging role of private firms as enforcers of export control regimes. Export controls are utilized by states to restrict the flow of strategic goods to foreign adversaries. And they are increasingly being deployed in the world’s most pressing conflicts, from Russia’s invasion of Ukraine to competition between the U.S. and China for technological superiority. Nevertheless, we know surprisingly little about how export controls are enforced. Particularly overlooked is the integral role played by financial institutions in this process. States rely on these institutions to surveil transactions and look for signs of smuggling networks used to evade export controls. But how does this actually work in practice? When should we expect these efforts to be effective? And what are the implications for our understanding of economic warfare?