The Bob’s Guide website on 29th October contained a post reporting a survey of the global cargo industry from Accuity (a provider of financial crime screening, payments and KYC solutions) which revealed that 80% of cargo businesses named reputational risk as driving their trade sanctions and export risk compliance programmes, and that while 73% still use at least some paper-based systems to deal with air waybills and house waybills, 78% list automation as a high priority when considering a screening solution.  The post comments that since OFAC has filed a record $1.3 billion of penalties so far this year spanning a range of industries, it is clear the cargo sector cannot afford to be a weak link in the supply chain, and the survey shows that the industry is increasingly aware of the risks of non-compliance and beginning to take proactive steps to address them.  It notes that a guidance paper published recently by IATA said this was “a priority for airlines which are all doing their utmost to develop appropriate due diligence procedures to manage shipments of so-called dual use goods, military cargo or embargoed/prohibited/restricted items”.


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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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