Webinar: The cat and mouse game of sanctions compliance
Lloyd’s List subscribers can now access the latest webinar in our ‘Future of Shipping’ series on demand
Reaching compliance is challenging, remaining compliant even more so. This webinar offers an overview of the global sanctions minefield and suggests a way to keep risk under control
THE focus on compliance began with sanctions on trade with Iran and Venezuela but has now swung solidly onto Russia.
While many of the policies and practices developed in the early years of sanctions still apply, the compliance landscape has become opaque.
Check lists of vessel and cargo ownership are pretty much irrelevant. Automatic identification system data is flawed, certificates of cargo origin are not worth the paper they are printed on.
So how can the shipowner ensure his customer is clean, and his customer’s customer is who he says he is?
How should a bank ensure it has carried out all the necessary due diligence investigations? What is the role of the flag state, the P&I club, the cargo owner?
How should shipping’s multiplicity of organisations and institutions work with government agencies and regulators to bring the emphasis away from the letter of the law and onto its spirit?
In this Lloyd’s List webinar, industry experts Cari N. Stinebower, a Partner at the Washington DC law firm Winston & Strawn, specialising in economic sanctions, export controls and antimony laundering, and Louie Vargas, financial crime and sanctions specialist at Danske bank, join Lloyd’s List editor Richard Meade to assess the state of the maritime cat and mouse game.
Alongside them are Lloyd’s List markets editor Michelle Wiese Bockmann and Lloyd’s List Intelligence head of risk and compliance Sebastian Villyn.
In a compelling conversation, the speakers discuss whether shipping has become overwhelmed with risk and compliance expectations, whether rhetoric coming from government agencies is political or strategic, and whether the bad actors are becoming increasingly sophisticated — and if so, how should the humble ship owner respond.
With more sanctions slapped on entities connected to Russia since its incursion into Ukraine on February 24 than had been applied to entities worldwide in the previous decade, the situation is complex and, for many, challenging.
However, a critical weapon in the armoury is documentation showing that a risk-based compliance programme is in place and working. It’s the saving grace that would be the difference between permission to continue trading and detention.
To watch a recorded version of the webinar, click on the Vimeo link above.
Lloyd’s List next webinar in its Future of Shipping series follows on June 30, exploring ‘Which fuels and tech will win shipping’s race to Zero’. It’s the question of the age — or at least of the next decade. The simple fact is there is no silver bullet, no immediate and all-embracing answer to a complex and evolving challenge. The solution lies in a range of fuels and technologies working together. Join Lloyd’s List and guests on June 30 at 9am BST (4pm SGT) for the live broadcast.
Register for the event by clicking here or via the banner below.