OFAC PUTS SHIPPING COMMUNITY ON NOTICE WITH UPDATES AND EXPANDED GUIDANCE

On 27th March, Crowell Moring published an article saying that OFAC had issued 2 updated advisories, as well as issued a series of new designations of Specially Designated Nationals (SDN), highlighting the sanctions-related risks for, and the focus on, the shipping community.  Taken together, they provide important guidance for members of the shipping industry — including shipping companies, ship owners, insurance companies, and financial institutions with shipping practices, port operators, and others in the sector — on the scope of OFAC’s prohibitions, red flags for sanctions risks, as well as the types of compliance practices that OFAC expects – re Syria, Iran and North Korea.

https://www.cmtradelaw.com/2019/03/ofac-puts-shipping-community-on-notice-with-updates-and-expanded-guidance/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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