Taking a risk-based approach to sanctions compliance
The global sanctions landscape has changed a great deal in 2020. The impact of sanctions breaking, or even being perceived to have broken sanctions is often severe and may put a company out of business, effectively shutting it out of the financial market.
To navigate the quickly changing sanctions landscape and mitigate the risks posed by sanctions breaking requires comprehensive due diligence routines implemented by parties involved in maritime activities.
Read the article "Taking a risk-based approach to sanctions compliance" by Leigh T. Hansson of Reed Smith in Triton no 3-2020.
The article address the potential sanctions risks, as well as practical guidance for compliance and due diligence.
In the wake of increased enforcement against non-US persons in the maritime industry, shipowners and charterers alike must ensure they are taking a risk-based approach to sanctions compliance.