Enhancing Compliance in the Maritime Shipping Industry

Yesterday, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued an OFAC Compliance Communiqué: Sanctions Compliance Guidance for the Maritime Shipping Industry designed to aid maritime sector stakeholders in (1) identifying certain new or common fact patterns that may be indicative of sanctions evasion, (2) addressing common counterparty due diligence issues, …

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