Sanctions compliance crucial

Daniel Pilarski, of Watson Farley Williams, looks at best practices for compliance with US sanctions

Sanctions compliance has always been important to the maritime community, given that shipping involves trade with multiple countries and parties. Historically however, many non-US shipping companies paid little attention to sanctions compliance, on the grounds that as non-US persons, they were not generally bound by US sanctions. While at one time this may have been true, in the past decade it has become clear that US sanctions compliance is crucial to the worldwide shipping community.