The U.S. Department of State, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), and the U.S. Coast Guard issued a global advisory to alert the maritime industry, and those active in the energy and metals sectors to deceptive shipping practices used to evade sanctions, with a focus on Iran, North Korea, and Syria.
The advisory updates and expands upon previous advisories issued by the U.S. government. It is intended to provide actors that utilize the maritime industry for trade with information on and tools to counter current and emerging trends in sanctions evasion related to shipping and associated services.
The advisory includes a detailed set of best practices for private industry to consider adopting to mitigate exposure to sanctions risk. The deceptive shipping practices discussed in this report may create significant sanctions risk for individuals and entities involved in these industries.
You can read the U.S. Department of State news release on the sanctions package here.
You can read the global shipping advisory issued by OFAC here.
This blog is not a replacement or substitute for the formal posting of regulations and updates or existing processes for receiving formal feedback of the same. Links provided on this blog will direct the reader to official source documents, such as the Federal Register, Homeport and the Code of Federal Regulations. These documents remain the official source for regulatory information published by the Coast Guard.