On May 15, 2020, the U.S. Department of State, the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) and the U.S. Coast Guard issued an advisory to provide those involved in the maritime industry and energy and metals sectors with guidance to counter current and emerging trends related to illicit shipping and sanctions evasion. The advisory is detailed and should be reviewed in its entirety as it suggests specific measures to be adopted or considered by maritime insurance companies; flag registry managers; port state control authorities; shipping industry associations; financial institutions; ship owners, operators, and charterers; classification societies; vessel captains; crewing companies; and regional and global commodity trading, supplier, and brokering companies.
To read the full Client Alert, click HERE.