This webinar will provide an overview of the new financial sanctions guidance for entities and individuals in the maritime sector, issued by the United Kingdom’s Office of Financial Sanctions Implementation at her Majesty’s Treasury on 27 July. This guidance follows the 14 May release of the U.S. government’s comprehensive Global Sanctions Maritime advisory, which outlined the compliance measures the U.S. government expects financial institutions, corporations, and other businesses in the maritime sector to put into place to limit sanctions risk. Together, these new guidelines raise the compliance bar substantially for companies operating in the maritime sector around the world.
Our panel of experts will discuss how the new U.K. maritime guidance is similar to—and different from—the recent U.S. guidance. It will also feature an original case analysis of Venezuela’s shipping sector risks, and analyze illicit Venezuelan shipping activity, as well as trends in maritime sanctions risks more generally. Their legal, analytical, and industry perspectives provide a unique commentary on the real and regulatory sanctions risks facing the maritime industry.
Understanding the increased obligations created by these new guidance documents—as well as their core differences—is critical to protecting companies from sanctions exposure. Further, understanding how illicit actors attempt to exploit the shipping sector, as observed recently in the case of Venezuela, is necessary to ensuring companies are not inadvertently engaged in prohibited activity.
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