Homeland Security Says U.S. Customs Bonds are Insufficient

The Office of Inspector General (OIG) of the U.S. Department of Homeland Security (DHS) issued a report criticizing U.S. Customs and Border Protection (CBP). In a June 2011 report entitled "Efficacy of Customs and Border Protection's Bonding Process," DHS concluded that up to $12 billion in single transaction bonds for importers may fail to be collected. Considering that approximately $2 trillion of goods are imported into the United States each year, and that CBP collects about $32 billion in duties, taxes, and fees, $12 billion is a heck of a lot of money to lose.