U.S. OFAC issues sanctions compliance guidance for maritime shipping industry
Emphasizes a risk-based approach to sanctions compliance
The Office of Foreign Assets Control (OFAC) today issued guidance for the maritime shipping industry to enhance compliance with U.S. sanctions. The guidance emphasizes a risk-based approach to sanctions compliance and highlights the need for additional due diligence and enhanced tracking systems to combat sophisticated deceptive practices in the industry.
The OFAC compliance communiqué covers the following scenarios:
- Deceptive shipping practices to conceal sanctions nexus
- Identification of specially designated national (SDN) on trade documentation
- Policy or registration renewals for vessels with obscured or complex ownership structures
- Mid-voyage notification of sanctions risk
- Opaque ownership information of proposed oil tanker purchaser