UK PUBLISHES SANCTIONS COMPLIANCE GUIDANCE FOR THE MARITIME INDUSTRY
An article from Reed Smith on 30 July is concerned with the release on by OFSI on 27 July of 12-page financial sanctions guidance for entities and individuals operating within the maritime shipping sector. This identifies a number of illicit and suspicious shipping practices – and provides an overview of the restrictions in place in respect of what it terms “High-profile sanctions” for North Korea, Iran, Libya and Syria, and clarifies the approach taken to a number of key definitions for the purposes of UK sanctions, including ownership and control and funds and economic resources.
UK SHIPPING SANCTIONS GUIDE SHOWS CLOSER ALIGNMENT TO US
Lloyds Loading List take on the new UK sanctions guidance on 31 July is that the UK seems set to take a tougher US-style approach to maritime sanctions in the wake of Brexit, lawyers believe, following the issue of new guidelines from OFSI.