Banks and other financial institutions are failing to grapple with the complex task of ensuring business with the commodities shipping sector does not lure them into the rocky shores of non-compliance with US sanctions, a leading expert has said.
The number of vessels and maritime industry players on Washington’s list of designated entities has ballooned in recent years as the United States and its allies pile ever more restrictions on North Korea’s importation of commodities such as coal and fuel.
A flood of sanctions targeting the oil sectors and militaries of Iran and Venezuela — both top oil exporters — has made keeping track of potentially perilous clients a daunting task for financial institutions, which often lack expertise in the area.
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