Shipping Community Beware... Sanctions scrutiny is stepping up a gear

摘要

Earlier this year, 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 new advisory to provide those engaged or involved in trade in the maritime industry with further information and tools to counter illicit shipping and sanctions evasion. The advisory is representative of the U.S. Government's increasingly detailed efforts towards addressing these issues, as illustrated by OFAC's recent sanctions actions which show a trend of incremental but clear extension of oversight. For example, new sanctions imposed in June this year against the Islamic Republic of Iran Shipping Lines and its Shanghai-based subsidiary E-Sail Shipping went into effect, impacting previously exempt humanitarian activities.