SHIPPING REGISTRY INFORMATION SHARING COMPACT A MAJOR STEP FORWARD IN SANCTIONS ENFORCEMENT

On 22 April, Hellenic Shipping News reported on an information-sharing agreement involving 7 shipping registries, including the world’s 3 biggest open shipping registries – Panama, Marshall Islands and Liberia. The Registry Information Sharing Compact (RISC) creates a process for flag states to notify each other if they de-register, or deny registration to, a merchant ship on suspicion that it is in breach of sanctions. A MoU provides for a communications channel allowing flag registries to tip each other off if their KYC due diligence work suggests a violation of UN Security Council Resolutions. This is described as the first agreement of its kind, and a significant step toward the goal of effective implementation of sanctions.

https://www.hellenicshippingnews.com/the-registry-information-sharing-compact-is-a-major-step-forward-in-sanctions-enforcement/

 

 

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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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