HOW THE OFAC SANCTIONS ADVISORY IS CHANGING THE MARITIME INDUSTRY FOR GOOD

On 31 May, Splash 247 reported that, when OFAC, the US State Department and the US Coastguard issued their long-awaited maritime sanctions Advisory a year ago, it was a landmark moment.  This sought to make clear that the onus of responsibility for sanctions compliance lies with everyone across the supply chain, and stressed the need for the private sector to plug the many holes currently used to circumvent sanctions. The Advisory became instantly pivotal for all those with exposure to maritime trade.  The article says that, after 12 months one can see the impact of this advisory on sanctions-flouting activities relating to Venezuela and North Korea.

https://splash247.com/how-ofacs-sanctions-advisory-is-changing-the-maritime-industry-for-good/

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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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