MCaaSMCaaSMCaaSMCaaS
  • Services offered
    • Vessel Screening
    • Third-Party Screening
    • Cargo Screening
  • Customers
  • About
    • MCaaS Team
    • Marcura Group Site
    • MACN & 3 Sea Diligence
    • Locations
  • Resources
    • Maritime Compliance Report
    • Maritime sanctions compliance webinar
    • Compliance Articles
    • Read MCaaS Flyer [no sign up]
  • DEMO MCaaS

The complexity of the maritime sanctions landscape

By Xuan | Knowledge hub | Comments are Closed | 7 July, 2022 | 0
The complexity of the maritime sanctions landscape LI

The complexity of the maritime sanctions landscape is not one to underestimate. Careful consideration needs to be taken by the entire maritime industry. With the trading world merchant fleet projected to reach 79,282 vessels by the end of 2025, it is important that industry players are aware of the tactics used to evade sanctions (including but not limited to concealing of identities, and vessel identity laundering, exploiting disparities between countries amongst others).

Counterparty due diligence (CDD)

To mitigate the risk of sanctions evasions it is important that counterparty due diligence (CDD) is performed to ensure that individuals and companies know who they are doing business with.

OFAC’s 50 Percent Rule states that the property and interests in property of entities directly or indirectly owned 50 per cent or more in the aggregate by one or more blocked persons are considered blocked.

‘Owned or controlled’ rule

Moreover, one of the key features of the UK Government’s sanctions legislation is a new ‘owned or controlled’ rule which gives the UK government new powers to control how broadly asset freezes are to be applied and to prevent circumvention.

Magnifying glass, people and checklist

This means that where any individual or company is sanctioned, not only are their assets frozen but also those of any entity that they own or control, directly or indirectly.

In effect, therefore, the entity becomes subject to financial sanctions too even though its name may not appear on any sanctions list.

Find out more about MCaaS

Want to learn more about maritime sanctions compliance?

Further details of the areas discussed within this article can be found within our latest report ‘Maritime Compliance – The rapidly changing maritime sanctions compliance landscape’. This guide to industry includes discussion on the landscape as well as sanctions compliance measures and how best to mitigate against the many associated risks.

Read the Maritime Compliance report

Get a personalised demo or free trial

Compliance, Customers, Maritime compliance, Maritime sanctions, MCaaS, Sanctions, Sanctions compliance, Shipping

Latest

  • 14 February, 2023
    Comments Off on MACN and Marcura launch 3 Sea Diligence – a new third party risk management platform

    MACN and Marcura launch 3 Sea Diligence – a new third party risk management platform

  • 9 September, 2022
    Comments Off on The impact of sanctions on insurance policies

    The impact of sanctions on insurance policies

  • The dynamic nature of sanctions and compliance
    21 July, 2022
    Comments Off on The dynamic nature of sanctions and compliance

    The dynamic nature of sanctions and compliance

  • Tactics used in sanctions evasion attempts
    21 July, 2022
    Comments Off on Tactics used in sanctions evasion attempts

    Tactics used in sanctions evasion attempts

  • The use of technology in sanctions compliance LI
    19 July, 2022
    Comments Off on The use of technology in sanctions compliance

    The use of technology in sanctions compliance

  • A brief guide to sanctions in the maritime industry
    14 July, 2022
    Comments Off on A brief guide to sanctions in the maritime industry

    A brief guide to sanctions in the maritime industry

  • 14 July, 2022
    Comments Off on Penalties for a sanction violation

    Penalties for a sanction violation

  • Three ways to improve your sanctions compliance
    8 July, 2022
    Comments Off on Three ways to improve your sanctions compliance

    Three ways to improve your sanctions compliance

  • 8 July, 2022
    Comments Off on The sanctions compliance landscape

    The sanctions compliance landscape

  • The complexity of the maritime sanctions landscape featured image
    7 July, 2022
    Comments Off on The complexity of the maritime sanctions landscape

    The complexity of the maritime sanctions landscape

  • 5 July, 2022
    Comments Off on Sanctions compliance

    Sanctions compliance

  • 5 July, 2022
    Comments Off on 5 ‘red flags’ commonly used to evade sanctions

    5 ‘red flags’ commonly used to evade sanctions

Quick Links

Home

About

Third Party Screening
Cargo Screening
Vessel Screening

Contact

Marcura Platform Solutions FZE
E7-701-710,
DSO Headquarters Building,
Dubai Silicon Oasis,
Dubai, UAE

 

Customer Service and support

info@mcaas.com
Privacy Policy
Terms of use
Cookie Policy

Part of The Marcura Group | Copyright © Marcura Platform Solutions FZE
  • Services offered
    • Vessel Screening
    • Third-Party Screening
    • Cargo Screening
  • Customers
  • About
    • MCaaS Team
    • Marcura Group Site
    • MACN & 3 Sea Diligence
    • Locations
  • Resources
    • Maritime Compliance Report
    • Maritime sanctions compliance webinar
    • Compliance Articles
    • Read MCaaS Flyer [no sign up]
  • DEMO MCaaS
MCaaS

REQUEST YOUR DEMO

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Free Trial




    Please indicate your consent for us to collect, use and store the personal information, which you have knowingly provided (e.g. your name, e-mail address, telephone number) for the purposes of:
    1. Responding to your request*
    2. Receiving promotional materials from time to time
    Please note that you may withdraw this consent at any time.