OFAC issues sanctions guidance for maritime sector stakeholders

The U.S. Department of the Treasury’s Office of Foreign Assets Control recently published a Compliance Communiqué to provide sanctions guidance for the U.S. maritime shipping industry.  The guidance note was published to help maritime sector stakeholders, including commodities brokers, insurers, ship management service providers, shipbroking companies and port authorities who are often at the forefront of the sanctions compliance landscape, to recognize the increasingly sophisticated deceptive practices used by malign actors to evade sanctions.  OFAC released this scenario-based guidance to help those in the maritime sector identify red flags and common patterns that may be indicative of sanctions evasion, address common counterparty due diligence issues, and implement best practices to encourage sanctions compliance.

OFAC Compliance Communiqué