Advisory by US authorities on US and UN North Korea sanctions
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), with the Department of State and the U.S. Coast Guard, is issuing the attached advisory to alert persons globally to deceptive shipping practices used by North Korea to evade sanctions. Evasive actions such as AIS and IMO number manipulation in relation to STS operations are highlighted.
These practices may create significant sanctions risk for parties involved in the shipping industry, including insurers, flag registries, shipping companies, and financial institutions. The advisory suggests that parties subject to US and/or UN sanctions should be aware of these practices in order to implement appropriate controls to ensure compliance with their legal requirements.
Member Alert is published by The Swedish Club as a service to members. While the information is believed correct, the Club cannot assume responsibility for completeness or accuracy.