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This latest sanctions webinar draws upon recent UK Finance roundtables on building a more effective framework to structure counter proliferation financing efforts. The webinar will create a collaborative opportunity for banks and key experts to share experiences on risks and trends, in order to build a more effective framework to structure counter proliferation financing efforts and identification of sanctions evasion within the maritime sector.
The session is set against a backdrop of escalating sanctions impacting the shipping industry through the adoption of UN port entry bans, the detention of vessels complicit in sanctions evasion, and through national-level sanctions designations. Insurers, flag registries, shipping companies, financial institutions, and others involved in shipping-related transactions are increasingly subject to one or more sanctions prohibitions.
Expert input will set out how intensified UN Security Council Resolutions imposed on North Korea since 2016 have resulted in intensified scrutiny on how the circumvention of sanctions is facilitated through a variety of sophisticated evasion techniques. One such method is North Korean ship-to-ship transfers, which have been banned in all cases by the UN, whereby a North Korean vessel meets another vessel out at sea, and will transfer goods - most often the purchasing of refined petroleum and the selling of North Korean coal. The webinar will explore how the movement of cargo from one ship to another while at sea, rather than in port, takes place, as well as practical opportunities for financial sector detection across the breadth of maritime issues, including insurance, vessel-related due diligence, key typologies and red flags.
Additionally, the webinar will look at how tools designed for North Korean maritime sanctions evasion detection may also apply to other scenarios i.e. escalating US sanctions on Iran and Venezuela.