OFSI fact sheet updates maritime shipping guidance
‘The global nature of the maritime sector means it is important to be aware of the wide-reaching scope of UK financial sanctions and the due diligence you should be undertaking to remain compliant,’ the UK’s Office of Financial Sanctions Implementation (‘OFSI’) advises in a new fact sheet related to maritime shipping.
It underscores the importance of reading OFSI’s updated maritime guidance covering: good due diligence; common evasion practices; high risk jurisdictions; channel Islands & Overseas Territories; and the importance of compliance.
‘It is important to remember that direct insurance, reinsurance and retrocession, insurance intermediation, and services auxiliary to insurance are considered financial services under UK sanctions regulations,’ the notice advises.
https://assets.publishing.service.gov.uk/media/65e6e8c17bc329020bb8c269/Maritime_Factsheet_202 4.pdf
