Figuring out how to comply with complex rules has become one of the top concerns for shipping since Washington tightened its enforcement of sanctions against Iran, Venezuela and North Korea.
Many industry participants have complained that they could fall foul of the sanctions easily and by accident, due to the lack of transparency and consistency in enforcement.
The Office of Foreign Assets Control (Ofac) — the US Treasury Department’s enforcement agency for sanctions — laid out the framework for compliance commitments in May, to provide more guidance.
