The U.S. Department of State, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), and the U.S. Coast Guard issued an advisory on May 14 regarding illicit shipping and sanctions evasion practices. The advisory, directed at the trade and maritime industries, details some of the most common methods used by bad actors to circumvent sanctions while engaging in global shipping—with a special focus on Iran, North Korea, Syria. The methods addressed include tampering with a vessel’s Automatic Identification System, physically altering its on-hull identification, as well as deliberately obfuscating details of its ownership.
In keeping with the U.S. government’s commitment to protecting global supply chains from exposure to sanctions risk, we have put together a roundup of stories that exhibit these deceptive practices in action. Familiarizing yourself with these methods is the best way to protect your supply chain from a costly mistake.