In its April Financial Crime Digest, Asperio reported that the Federated States of Micronesia (FSM) has announced criminal charges against 4 individuals who allegedly conspired from 2015 to falsely register foreign ships as FSM vessels through the bogus Micronesia International Ship Registry (MISR) and then laundered the proceeds. It is reported that more than 100 foreign-flagged ships, including fishing vessels and oil tankers, reportedly paid between $2,000 and $14,000 for an FSM registration through the MISR.
https://www.aperio-intelligence.com/wp-content/uploads/2020/05/Financial-Crime-Digest-April-2020.pdf
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