Maritime Sanctions: Tips for Due Diligence

November 19, 2021
Paulina Izewicz and Cristina Rotaru

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Until fairly recently, international shipping has largely escaped scrutiny of sanctions enforcement. This began changing in recent years, and the focus appears poised to grow even further. As the attention to maritime trade grows, sanctions evasion measures grow more and more sophisticated. Caught between these two trends, maritime stakeholders face unprecedent risk, often with little experience and guidance on how to mitigate it. To protect themselves against these risks, they need to understand how sanctions evaders try to circumvent international restrictions and how to conduct the sort of due diligence capable of catching it.

Cargo ship on the ocean

In this piece, Paulina Izewicz, Senior Research Associate at CNS, and Cristina Rotaru, Researcher at VERTIC, offer practical tips on how to conduct maritime sanctions due diligence using the case study of the Wise Honest, a North Korean cargo ship detained in Indonesia in 2018, and subsequently seized by the United States through civil asset forfeiture.

The article first appeared in Financial Institutions Sanctions Compliance Journal, Issue 03 (September/October).

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