Highlights
- The U.S. government has issued a new Sanctions Advisory focused
on sanctions compliance for the shipping industry that builds on
prior advisories issued by the U.S. Department of the
Treasury's Office of Foreign Assets Control (OFAC).
- Both U.S. and non-U.S. commodities traders, maritime insurers,
shipowners, technical and commercial managers, and shipping
companies need to pay close attention to this Sanctions Advisory,
which lays out U.S. expectations on compliance programs, including
active monitoring of vessels.
The U.S. Department of State, U.S. Department of the
Treasury's Office of Foreign Assets Control (OFAC) and the U.S.
Coast Guard (USCG) on May 14, 2020, issued a 35-page Sanctions Advisory that focuses on sanctions
compliance for the shipping industry. The Sanctions Advisory, which
reportedly had been in the works for some time, is much more
detailed than past OFAC maritime advisories that focused on
specific trade with Iran, Syria
