Maritime London is pleased to host this live and interactive webinar, at which OFSI and the Department for Transport (DfT) will discuss . It provides financial sanctions guidance for entities and individuals which operate in, or with, the maritime shipping sector, especially On 27 July 2020, the United Kingdom's Office of Financial Sanctions Implementation (OFSI), the office in Her Majesty's Treasury responsible for administering UK sanctions, released Maritime Guidance: Financial Sanctions Guidance for Entities and Individuals (the UK Guidance). The UK's sanctions authority, the Office of Financial Sanctions Implementation (OFSI), published guidance for operators in the maritime industry, including shipping and maritime insurance, which . Advice about certain practices indicating that sanctions restrictions are being evaded; and. Guidance updated to reflect the publication of new guidance on the imposition of monetary penalties. Implementing Compliance Measures . This recent guidance supplements the OFSI's general guidance on financial sanctions of January 2020. Sanctions violations in the shipping industry can result in significant compliance penalties, including fines and prison sentences. OFSI Maritime Guidance, July 2020 OFSI Compliance Visits Explained Department for International Trade, Export Control Joint Unit, Compliance Code of Practice, 2010 (updated 2012) For the first time, the OFSI has expressly identified examples of illicit shipping practices that may give rise . UK steps up sanctions regime and shipping must navigate ... Domestically, OFSI has continued to engage extensively with the private sector. Shortly thereafter the UK Office of Financial Sanctions Implementation (OFSI) issued its Maritime Guidance for entities and individuals operating within the maritime shipping sector - see . It should be considered as supplementary to OFSI's general financial sanctions guidance. UK regulators tighten sanctions controls on maritime trade ... OFSI issues new 'Maritime Guidance' - Eversheds Sutherland The 12-page document is key reading for those . U.K. issues maritime guidance for reducing sanctions risk ... News: UK publishes Guidance on financial sanctions for ... To . OFSI issues Maritime Financial Sanctions Guidance "Companies interacting with the maritime supply chain will be expected to stay on top of deceptive shipping practises. In particular, applying the guidance prescribed by OFAC and working with risk-averse financial institutions. OFSI's Maritime Guidance. Sanctions - UK Governments Maritime Guidance The OFSI has the power to impose fines of up to 50% of the value of the breach or £1.0M (US$1.2M . Earlier today, 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.. Guidance about the due diligence those in the shipping industry should consider to mitigate the risk of any sanctions breach. 12 December 2016. "The UK is the centre for the maritime insurance market, and it is unsurprising that the OFSI is issuing guidance to the maritime industry in the wake of Ofac's detailed instruction," he said. OFSI Releases Sanctions Guidance for Entities Operating in ... OFSI publishes sanctions guidance for the maritime sector ... Indeed, in the case described above, the oil company confirmed that the documents provided to it with the shipment claimed (incorrectly) that oil was of Iraqi origin. the world's most superb watchmaking technilogy is borned in www.sellswatches.com for sale. On July 2020, HM Treasury's Office of Financial Sanctions Implementation (OFSI) issued 'Maritime Guidance' (subsequently updated in December 2020) to provide sanctions compliance guidance for entities and individuals operating within the maritime shipping sector, including the insurance industry. As part of our 'Ask the Expert' series, we ask Giles Thomson, Director of OFSI, about the UK's key sanctions policies and priorities this year. In this first in a series of articles on sanctions and the maritime industry, we provide an overview of the recent advisory notes issued by OFAC and OFSI, the US and UK bodies responsible for the implementation and enforcement of their respective sanctions, and look at what they mean for the maritime and commodities industries. In July, the U.K. Office of Financial Sanctions Implementation (OFSI) issued a maritime guidance document similar to the one published by OFAC. Now more than ever before . OFSI's Maritime Guidance 5 warns that sellers are using elaborate techniques including document falsification to conceal true origins of oil. It follows on from and largely mirrors the US Global Maritime Advisory which was issued by the US authorities in May 2020. 6.5: 'In most cases, you can provide legal advice to or act for a designated person without an OFSI licence, however, you cannot receive any payment for that advice without first obtaining an OFSI licence.' The OFSI advises that due diligence should be carried out as part of a risk-based approach to identify potential illegal practices. The HM Treasury Office of Financial Sanctions Implementation (OFSI) has recently issued Maritime Guidance (the "Guidance") on financial sanctions for the shipping industry. About This Policy Alert. The shipping advisory from the UK Office of Financial Sanctions Implementation (OFSI) launched a guide that provides financial sanctions guidance for entities and individuals which operate in, or with, the maritime shipping sector, reports Thomson Reuters. forum is the eldest watch manufacturer. Individuals and organisations with exposure to the maritime shipping sector should be aware of the OFSI's non . Indonesia is an exemplary case of a state that has actively sought to improve its shipping practices since OFAC's advisory, specifically with regard to improved monitoring of its seaboard. In its guidance, the OFSI warned, "illicit activity could occur across multiple sectors involved in the maritime industry." Maritime insurance companies, charterers, unions, classification societies, oil companies and refineries, customs and port state controls, flag registries, and shipping industry associations are all exposed to . The OFSI Maritime Guidance does not recommend any specific measures to mitigate the deceptive shipping practices risk for actors in or connected to the maritime sector. HM Treasury issues Maritime Guidance. The OFSI has the power to impose fines of up to 50% of the value of the breach or £1.0M (US$1.2M . OFSI's Maritime Advisory in many ways mirrors guidance issued by US Treasury and State Departments in conjunction with the Coast Guard in May and includes a list of tactics used by illicit actors to evade sanctions. Objectionable tactics in maritime trade In issuing The Maritime Guidance: Financial sanctions guidance for entities and individuals, the Office of Financial . It provides financial sanctions guidance for entities and individuals which operate in, or with, the maritime shipping sector, especially It provides financial sanctions guidance for entities and individuals which operate in, or with, the maritime shipping sector, especially those involved in areas that may be subject to UK financial sanctions restrictions. Patrick Murphy and John Keough, partners at international law firm Clyde & Co on Wednesday (5 August) published an article analysing some details found in the recently released OFAC sanctions "Advisory" directed at the maritime industry and . https://ru.watchesbuy.to/ for men and women is 1 : 1 in switzerland. The UK's top sanctions regulator has issued landmark guidance for all companies involved in maritime trade, instructing them to pay closer attention to vessel behaviour, company structures and potentially forged documents. • Recent sanctions issues affecting the maritime community - including Iran, Syria, Venezuela, North Korea, Russia and Libya. This alert was created in collaboration with Windward, the global leader in maritime insights.Windward's AI-powered solution fuses maritime expertise with best-in-class data, to enable real-time, predictive intelligence-driven decisions, providing a complete view of risk across the maritime ecosystem and its broader impact on safety, security, finance, and business. With 90% of global trade facilitated via maritime shipping, there is an immense volume of transactions involving multiple parties and jurisdictions that require screening. On 27 July 2020 the Office of Financial Sanctions Implementation (OFSI) which is responsible for enforcing financial sanctions in the UK issued Maritime Guidance (the Guidance) for entities operating within the maritime shipping sector. The guidance is to ensure all participants understand the nature of financial sanctions in the shipping industry and how these sanctions might be breached.. On 28 July 2020, the UK was the first jurisdiction to follow the path paved by the USA in delivering comprehensive guidance in respect of sanctions in maritime trade. OFSI has today published a new guidance for the maritime sector. New guidance on avoiding a breach of UK financial sanctions. The UK relies more heavily on the maritime industry, both historically and currently, than most other countries. The Office of Financial Sanctions Implementation (OFSI) warns that "a variety of tactics are deployed to confuse or conceal the identities of vessels, cargo, . In July 2020, the UK Office of Financial Sanctions Implementation (OFSI) published guidance for entities and individuals operating within the maritime shipping sector.The size and scale of the UK shipping sector is large and thus may be particularly susceptible to criminals seeking to deploy tactics to confuse or conceal the identities of vessels, cargo, routes and ports to circumvent . Source: Aleksei Gorodenkov/Alamy Stock Photo Even shipping companies or operators with a strong track record for marine safety might have been involved in activity or . Following the UK's departure from the EU, there have been some recent developments with regard to the approach of the UK to sanctions, including the issuance of guidance to the shipping industry on financial sanctions. Growing trade sanctions and evolving regulator expectations are driving a revolution in global standards when it comes to compliance for shipping. The guidance highlights a number of illicit and suspicious shipping practices that are deployed to evade sanctions, emphasises the importance of adopting due diligence and compliance measures and provides details of the financial sanctions imposed by… OFSI has today published a new guidance for the maritime sector. More information on this can be found in Chapter 4 of OFSI's general guidance document. The U.K.'s Office of Financial Sanctions Implementation (OFSI) has enforced a fine of £50,000 to TransferGo Limited, a fintech payments company, in regard to apparent violations of Russian sanctions. In July 2020, the UK Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, issued new guidance for the implementation of financial sanctions in the UK. Simon Ring is the Global Head of Maritime Trade Technologies & ESG at Pole Star, which enables time-critical decisions and mitigates risk in maritime activities. In this first in a series of articles on sanctions and the maritime industry, we provide an overview of the recent advisory notes issued by OFAC and OFSI, the US and UK bodies responsible for the implementation and enforcement of their respective sanctions, and look at what they mean for the maritime and commodities industries. The UK's Office of Financial Sanctions Implementation (OFSI) recently published financial sanctions guidance for entities and individuals operating within the maritime shipping sector (the Maritime Guidance). UK publishes sanctions compliance guidance for the maritime industry. Members are therefore strongly advised to read this OFSI Guidance in conjunction with the US Global Maritime Advisory when determining what due diligence measures are required within their own . In July 2020, the UK Office of Financial Sanctions Implementation (OFSI) published guidance for entities and individuals operating within the maritime shipping sector.The size and scale of the UK shipping sector is large and thus may be particularly susceptible to criminals seeking to deploy tactics to confuse or conceal the identities of vessels, cargo, routes and ports to circumvent . As a global insurance hub, OFSI's guidance was certainly in need, especially ahead of the Brexit transition period deadline. Following publication of the United States' Global Maritime Advisory in May (see here United States Sanctions: Global Maritime Advisory) providing advice to the maritime community concerning compliance with U.S. sanctions, the UK Government's Office of Financial Sanctions Implementation (OFSI) has recently issued its own Maritime Guidance to provide "Financial sanctions guidance for . In 2014, the European Union (including United Kingdom) imposed restrictive measures against Russia following the annexation of Crimea, and in-turn the destabilization of Ukraine. July 15, 2021. On 27 July 2020, the UK Office of Financial Sanctions Implementation (OFSI) published its Maritime Guidance providing "financial sanctions guidance for entities and individuals operating within the maritime shipping sector". 5 The OFSI guidance defines the scope of the guidance as applying to "entities and individuals which operate in, or with, the maritime shipping sector, especially those involved in areas that . In a statement, Standard Club said the guidance should be reviewed by members who are domiciled in the UK or who conduct business connected with the UK. Shortly thereafter the UK Office of Financial Sanctions Implementation (OFSI) issued its Maritime Guidance for entities and individuals operating within the maritime shipping sector - 1see further below on these measures. That guidance was introduced when the OFSI was created and was given civil enforcement authority by the Policing and Crime Act 2017. . The Office of Financial Sanctions Implementation (OFSI) which is responsible for enforcing financial sanctions in the UK issued Maritime Guidance (the Guidance) for entities operating within the maritime shipping sector. To . The OFAC advisory was followed by the UK's Maritime Guidance document, released by the Office of Financial Sanctions Implementation (OFSI), which set out similar advice and recommendations for the shipping industry. UK Releases Maritime Sanctions Guidance. The maritime guidance from US and UK regulators Ofac and Ofsi sends a clear message to marine insurers: stay vigilant, know your customer and monitor those you are insuring. You may wish to consider other non-financial sanctions prohibitions which may apply to sanctioned vessels. advisories for the maritime community issued in 2018-19. Over 1,100 executives and analysts from over 466. Notably, in the last financial year, OFSI has almost doubled the number of jurisdictions it has engaged with, from 42 in 2018-19 to 83 in 2019-20 with the aim of improving multilateral sanctions implementation. This guidance is produced by the Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, the authority for the implementation of financial sanctions in the UK. OFSI has today published new guidance for the maritime sector. OFSI quickly following suit, with an advisory for the maritime industry, is no coincidence. "Understanding the latest UK advisory on sanctions" discussed the UK's Office of Financial Sanctions Implementation (OFSI) recently published financial sanctions guidance for entities and individuals operating within the maritime shipping sector (the Maritime Guidance). An Advisory for the first time, the Office of financial sanctions in the shipping industry can in! 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