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The U.S. Treasury Department Office of Foreign Assets Control ("OFAC") updated an Advisory warning parties involved in petroleum shipments to Syria of the risks of U.S. sanctions.
within International Law, Intellectual Property, Food, Drugs, Healthcare and Life Sciences topic(s)
The U.S. Treasury Department Office of Foreign Assets Control
("OFAC") updated an
Advisory warning parties involved in petroleum shipments to
Syria of the risks of U.S. sanctions, including the threat of
"secondary sanctions" against non-U.S. individuals and
entities engaged in such activity. OFAC provides a description of
deceptive shipping practices, including of efforts to change
certain vessel names to obfuscate the illicit activities of the
owners. OFAC also recommends that, "[a]s a standard practice,
those involved in the maritime petroleum shipping community . . .
are advised to conduct Know Your Customer [] due diligence."
In the Advisory, OFAC identifies new vessels involved in
Syria-related oil shipments.
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