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OFSI releases guidance on sanction compliance for maritime industry

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OFSI releases guidance on sanction compliance for maritime industry

2020 has seen the maritime industry move to the front and centre of the increasing focus of sanctions enforcement bodies on the role that seaborne trade plays in the world economy. With over 90% of world trade carried by sea, regulators have focussed in recent months on the role played by shipowners, charterers, insurers and traders in the industry and set their expectations of how these key industry participants comply with sanctions.

Yesterday the OFSI, the body responsible for the implementation and enforcement of financial sanctions in the UK, published a “Maritime Guidance” document, providing guidance for entities and individuals operating within the maritime shipping sector on complying with sanctions.

Authors

Patrick Murphy

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Chris Hill

Partner

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