Good Practice

Not just for the maritime industry: OFAC’s latest sanctions advisory

KPMG: SMART PRACTICE

In May, the Office of Foreign Assets Control (“OFAC”) issued an advisory alerting the maritime industry to deceptive practices shippers may use to avoid complying with US sanctions requirements and steps that can be taken to identify sanctions evasion.

Although directed at the shipping industry, the advisory’s guidance may be applicable to most business sectors that face the ongoing challenge of sanctions compliance. In particular, there are several recommendations t...

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