Rising Tide: US Authorities Guidance Increases Expectations for OFAC Sanctions Risk Assessments and Compliance Due Diligence Related to Maritime Industry (May 2020)
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Introduction
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On May 14, 2020, the US Treasury Department Office of Foreign Assets Control, the US State Department and the US Coast Guard jointly published a Sanctions Advisory for the Maritime Industry, Energy and Metals Sectors, and Related Communities, an advisory regarding illicit shipping and sanctions evasion practices focused on Iran, Syria and North Korea. The Guidance updates prior sanctions-related shipping advisories and offers best practices for those involved in the maritime industry for trade or transportation as well as for financial institutions serving those industry sectors.
