DESPITE an unprecedented proliferation of sanctions over the past 12 months, high-profile enforcement cases have been notably absent in shipping, but that is about to change and much of the industry is still woefully unprepared for what is about to follow.

Last year was about installing an unparalleled network of sanctions restricting trade. The remainder of 2023 is going to be defined by an increasingly aggressive enforcement regime as Western governments seek to close off the loopholes and make examples of those who have continued to skirt restrictions.

So as the European Union sets about considering its 11th package of sanctions against Russia that will further target shipping, this week’s edition of the podcast offers a selection of expert views on what the industry needs to do about enhancing its due diligence operations.

Industry experts joining the recent Lloyd’s List Risk and Compliance webinar all agreed — the shipping industry is still not taking sanctions compliance seriously enough and too many companies lack the tools and expertise to dig deep enough into deceptive practices to satisfy regulatory scrutiny

Speaking on this week’s edition of the podcast:

• Amalie Korning Wedege, global head of sanctions and head of financial crime compliance at Danske Bank

• Michelle Wiese Bockmann, markets editor and sanctions analyst, Lloyd’s List Intelligence

• Claire Jungman, chief of staff of United Against Nuclear Iran (UANI)

• Dan Tadros, chief operating officer, Shipowners Claims Bureau, Inc.

• Claire McCleskey, assistant director, Sanctions Compliance and Evaluation, Office of Foreign Assets Control (Ofac) (featured courtesy of Capital Link) 

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This week's podcast also includes a short clip from the recent Capital Link webinar: OFAC Alert on Russian Oil Price Cap Enforcement & Evasion Implications. You can listen to the full webinar here