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OFSI publishes its own maritime shipping advisory

Maritime guidance published OFSI has today published new guidance for the maritime sector. It provides financial sanctions guidance for entities and individuals which operate in, or with, the maritime shipping sector, especially those involved in areas that may be subject to UK financial sanctions restrictions. This should be considered supplementary […]

US issues Xinjiang Supply Chain Business Advisory

From OFAC: Publication of Xinjiang Supply Chain Business Advisory 7/1/2020 On July 1, the U.S. Departments of State, Commerce, Homeland Security, and Treasury issued an advisoryon the risks for businesses with potential exposure in their supply chain to entities engaged in human rights abuses in the Xinjiang Uyghur Autonomous Region (Xinjiang) . […]

US Shipping Advisory: Guidance for Crewing Companies

Guidance for Crewing CompaniesCrewing companies may wish to consider implementing the following due diligence practices to the extent they deem such practices appropriate and helpful in assessing and mitigating sanctions risks. Being aware of, and ensuring your crewmembers are aware of, the IMO circulated guidance in relation to illicit shipping […]

US Shipping Advisory: Guidance for Vessel Captains

Guidance for Vessel CaptainsSeafarers may wish to consider implementing the following due diligence practices to the extent they deem such practices appropriate and helpful in assessing and mitigating sanctions risks. Understanding, and ensuring your deck officers are aware of, the IMO required AIS regulations, which include consistently broadcasting AIS transmissions […]

US Shipping Advisory: Guidance for Classification Societies

Guidance for Classification SocietiesClassification societies may wish to consider implementing the following due diligence practices to the extent they deem such practices appropriate and helpful in assessing and mitigating sanctions risks. Keeping records, including photographs, of recipient vessels and/or recipients located at ports when possible, to enhance end use verification. […]

US Shipping Advisory: Information Helpful to Financial Institutions to Assess the Risks of their Maritime Industry Customers

Information Helpful to Financial Institutions to Assess the Risks of their Maritime Industry Customers Similar to the customer due diligence approach conducted for any customer, financial institutions should rely on their internal risk assessments for customers in the maritime industry, in order to employ appropriate risk mitigation measures consistent with […]

US Shipping Advisory: Guidance for Regional and Global Commodity Trading, Supplier and Brokering Companies

Guidance for Regional and Global Commodity Trading, Supplier, and Brokering CompaniesRegional and global commodity trading, supplier, and brokering companies may wish to consider implementing the following due diligence practices as appropriate in assessing and mitigating sanctions risks. Monitoring AIS transmissions of chartered clients, especially in the case of vessels in […]