ofac advisory shipping

In its updated advisory, OFAC adds more discussion on virtual currencies and guidance . Was OFAC's Advisory an October Surprise or More of the ... This further demonstrates their intent to enforce the Iranian sanctions program aggressively including against non-U.S. persons. Sanctions violations in the shipping industry can result in significant compliance penalties, including fines and prison sentences. OFAC also issued a new shipping advisory to the maritime community warning of these types of schemes and the sanctions risks associated with blocked persons (see story below). PDF Department of the Treasury Department of State United ... Shipping Community Beware; Sanctions Scrutiny Is Stepping Up A Supplemental Advisory on Identifying and Reporting Human Trafficking and Related Activity. Then in May 2020 a long-awaited advisory from OFAC on deceptive shipping practices changed the rules of the game for maritime trade. Anyone operating in the shipping industry, including owners, charterers . These shipments create significant sanctions OFAC Global Maritime Advisory ; US issues guidance to address illicit shipping and sanctions evasion practices. The advisory states that '…persons [who] knowingly own, operate, control or insure a vessel transporting crude oil from Iran … could be subject to secondary sanctions.' All parties engaged in maritime trade including financing banks, insurers, shipping companies, bunker providers & flag administrations need to take heed of this new stance by the US regulatory authorities included in this OFAC advisory notice. OFAC Puts Shipping Community on Notice with Expanded Guidance on Sanctions Evasion. On Monday, OFAC issued an updated version of its November advisory to the maritime shipping industry that highlighted risks of shipments made to Syria. The OFAC Advisory is a further reflection of OFAC's intent to focus on international shipping and non-U.S. persons. the advisory substantially expands on previous shipping advisories that ofac and other u.s. agencies have issued that were specific to the iran, syria, and north korea programs (see our previous summary) by not only offering global guidance, but also by issuing more than a dozen pages of detailed industry-specific recommendations across 10 … The OFAC Advisory reflects a heightened awareness of the shipping industry's interest in cooperation measured with a balance of realism: The OFAC Advisory language reflects a measured approach based on feedback from ongoing discussion with industry sectors, including marine insurers among others. OFAC's Syria Sanctions Program is authorized by Executive Order 13582 and . Today, the United States Department of the Treasury Office of Foreign Assets Control (OFAC) issued an advisory alert to shippers, importers/exporters and freight forwarders worldwide, warning them of the practices of the Islamic Republic of Iran's Shipping Lines (IRISL) which have been used to evade U.S. sanctions. Neither the 2013 OFAC advisory nor this advisory are intended to suggest that U.S. financial institutions close accounts they hold for third-country exchange houses and/ or trading companies. The Advisory reflects OFAC's May 2, 2019 Framework for Compliance and calls for all parties addressed to develop risk-based compliance to engage in information sharing, to the extent permissible under local law. By Doreen M. Edelman, Zarema A. Jaramillo, and Christian C. Contardo, Lowenstein Sandler LLP On May 14, 2020, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), the Department of State, and the U.S. Coast Guard issued a Sanctions Advisory . At a later date, OFAC may issue further updates to this advisory, including with respect to the vessel lists that have appeared in previous shipping advisories. Mark Fortnum, BP Shipping's vice-president for technical and vetting, says the decision had been made over the last year, but that the OFAC advisory is "a . Make full use of the available resources providing commercial shipping data, ship registry and ship flagging information, including those provided by OFAC, the UN and the U.S. Coast Guard. Today, the United States Department of the Treasury Office of Foreign Assets Control (OFAC) issued an advisory alert to shippers, importers/exporters and freight forwarders worldwide, warning them of the practices of the Islamic Republic of Iran's Shipping Lines (IRISL) which have been used to evade U.S. sanctions. Shipping Industry. On May 14, 2020, 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 (collectively, the "Agencies") issued updated guidance entitled, "Guidance to Address Illicit Shipping and Sanctions Evasion Practices" (the "Advisory"). OFAC identifies several activities that could be indicative of illicit activity, such as: ship-to-ship transfers - where cargo is moved from one vessel to another at sea, a technique it says is "frequently used . The advisory warns of "significant sanctions risks" for entities and individuals in the shipping industry involved in shipping . OFAC's role is restricted to cases involving U.S. persons or financial institutions and cyber actors with a sanctions nexus, a point that OFAC also emphasized a decade ago when the shipping industry was plagued with a rash of ransom demands by Somali pirates. (Rescinded as of November 8, 2021) Advisory on Ransomware and the Use of the Financial System to . Biden's OFAC has kept up this torrid pace, issuing four advisories in the administration's first year alone (see all the topics below). OFAC also issued an updated ransomware advisory on September 21, 2021, reiterating warnings it made in its October 2020 ransomware advisory that payments made to ransomware actors may violate US sanctions regulations. Reason for the color: » OFAC Advisory to the Maritime Petroleum Shipping Community . 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 . [1] The Agencies state that "[i]t is critical that private sector . . In yesterday's release, OFAC listed examples of deceptive shipping practices used to ship petroleum . FinCEN Advisory FIN-2020-A006. Shipping Practices Advisory and Sanctions Designations On February 23, 2018, the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC"), the U.S. Department of State and the U.S. Coast Guard jointly issued an advisory regarding deceptive shipping practices used by North Korea to evade sanctions.1 OFAC also Address: 21, Filellinon & G Souri Stree, 105 57 Athens, Greece. It further expands on multiple previous shipping advisories issued in 2018 and 2019. The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing this advisory to alert persons globally to the significant U.S. sanctions risks for parties involved in shipping petroleum or petroleum products from Iran after the expiration of any applicable significant reduction exceptions on May 2, 2019. The Global Maritime Shipping Sanctions Advisory - Compliance Implications for Greek Banks and Their Customers Register For Free On May 15, 2020, the U.S. Department of State, Department of Treasury's Office of Foreign Assets Control (OFAC) and the Coast Guard issued a sanctions advisory for the maritime industry with new compliance . Over the last week, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has issued two updated advisories, as well as issued a series of new designations of Specially Designated Nationals (SDNs), highlighting the sanctions-related risks for, and the focus on, the . 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. On September 20, 2018 the U.S. Treasury Department's Office of Foreign Assets Control ("OFAC") issued " OFAC Advisory to the Maritime Petroleum Shipping Community " to alert the shipping industry. "The OFAC Advisory is a further reflection of OFAC's intent to focus on international shipping and non-U.S. persons. Issued: March 25, 2019 . IV. Shipping organizations should rightly take a moment to assess their position, but while the new advisory clearly shows OFAC's increased scope in enforcing compliance, it also helps lay the route . It further expands on multiple previous shipping advisories issued in 2018 and 2019. This document reiterates many of the risks and recommendations laid out in the 2018 Advisory, while adding further guidance and concerns relating to petroleum shipments of Iranian origin. Additionally, the Advisory updates and expands on the North Korea-related shipping advisories OFAC issued on February 23, 2018 and March 21, 2019; the Iran-related shipping advisory OFAC issued on September 4, 2019; and the Syria-related shipping advisories OFAC issued on November 20, 2018 and March 25, 2019. The Advisory updates and expands on the North Korea-related shipping advisories OFAC issued on February 23, 2018, and March 21, 2019; the Iran-related shipping advisory OFAC issued on September 4, 2019; and the Syria-related shipping advisories OFAC issued on November 20, 2018, and March 25, 2019. The Iran advisory on petroleum shipping issued by OFAC in September 2019 outlines the risks when working with an organisation such as COSCO. First, on March 21, 2019, OFAC issued an update to its February 23, 2018 North Korea Sanctions Advisory (2018 DPRK Advisory) designed to provide guidance on North Korea's illicit shipping practices. 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). Person of interests: Kriton Lendoudis. OFAC Advisory to the Maritime Petroleum Shipping Community. The updated guidance document is supplemented by three annexes, in addition to the two already included in the original advisory document. Nonproliferation and Weapons of Mass Destruction Advisory from OFAC on Presentation of Fraudulent Shipping Documents Governments » United States » Executive Branch » Department of the Treasury March 31, 2011 Advisory informing shippers, importers/exporters, . The Advisory includes separate lists of recommendations for: • Insurers • Flag registry managers • Port state control authorities • Shipping industry associations • Commodity trading, supplier, and brokering companies • Financial institutions • Ship owners, operators, and charterers • Classification societies • Vessel captains • Crewing companies In a similar vein to the March Advisory, OFAC warns of the significant sanctions risks in participating in such shipments and affirms its commitment . OFAC clearly expects those operating in the shipping industry to take steps to avoid any intentional or unintentional violation of U.S. sanctions. The Advisory substantially expands on previous shipping advisories that OFAC and other U.S. agencies have issued that were specific to the Iran, Syria, and North Korea programs (see our previous summary) by not only offering global guidance, but also by issuing more than a dozen pages of detailed industry-specific recommendations across 10 . Additionally, neither advisory should be interpreted as a signal that third-country exchange The organisation has sanctioned and placed on the Specially Designated Nationals list, three people, 14 entities and six vessels for breaching. On September 20, 2018 the U.S. Treasury Department's Office of Foreign Assets Control ("OFAC") issued "OFAC Advisory to the Maritime Petroleum Shipping Community" to alert the shipping industry participants, including insurers, as to sanctions risks relating to petroleum shipments to or from Syria. On September 4, 2019, OFAC issued an "Advisory to the Maritime Petroleum Shipping Community" regarding the sanctions risk related to shipping petroleum and petroleum products from Iran. The Advisory reflects OFAC's May 2, 2019 Framework for Compliance and calls for all parties addressed to develop risk-based compliance to engage in information sharing, to the extent permissible under local law. First, on March 21, 2019, OFAC issued an update to its February 23, 2018 North Korea Sanctions Advisory (2018 DPRK . OFAC Advisory to the Maritime Petroleum Shipping Community . and March 21, 2019; the Iran-related shipping advisory OFAC issued on September 4, 2019; and the Syria-related shipping advisories OFAC issued on November 20, 2018, and March 25, 2019. OFAC clearly expects those operating in the shipping industry to take steps to avoid any intentional or unintentional violation of U.S. sanctions. 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. And the Treasury Department issued the following press release: Updated Treasury Advisory Highlights Risks for Maritime Petroleum Shipping Community in Syria March 25, 2019 Dozens of new vessels involved in illicit… The Sanctions Advisory, which reportedly had been in the works for some time, is much more detailed than past OFAC maritime advisories that . OFAC's Syria Sanctions Program is authorized by Executive Order 13582 and . The Advisory offers a global guidance across 10 sectors that touch […] The February 23, 2018 global shipping advisory released alongside the sanctions designations flags what it says are "significant sanctions" risks to people who enable shipments of goods to and from North Korea, including related businesses, such as insurers, flag registries, shipping companies and financial institutions. OFAC issued its first advisory in 2011, and proceeded to issue between none and two a year, until 2020, when Trump's OFAC issued six advisories, ranging from North Korea to Ransomware. Subject: Sanctions Risks Related to Petroleum Shipments involving Iran and Syria . The Office of Foreign Assets Control ("OFAC") is issuing this Advisory to alert shippers, importers/exporters and freight forwarders to practices used by the Islamic Republic of Iran Shipping Lines ("IRISL") 1 and companies acting on its behalf to evade U.S. and international Enforce the Iranian Sanctions Program is authorized by Executive Order 13582 and //www.jdsupra.com/legalnews/new-sanctions-advisory-highlights-95646/ '' > U.S Nationals list, people! U.S. Sanctions Advisory Highlights Compliance Risks for... < /a > Documents/20130110_iran_advisory_exchange_house.pdf? id=36926 '' > U.S Documents/20130110_iran_advisory_exchange_house.pdf! 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