Financial Sanctions and Penalties in Antigua and Barbuda
Warning to Shipowners, Operators, and Masters
The government of Antigua and Barbuda has issued a warning to shipowners, operators, and masters of Antigua and Barbuda-flagged ships regarding the risk of financial sanctions and penalties related to petroleum and petroleum products from Iran.
Background on OFAC Advisory
According to an advisory issued by the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury, shipping companies that knowingly engage in significant transactions with Iran’s National Iranian Oil Company, National Iranian Tanker Company, or Islamic Republic of Iran Shipping Lines may face severe sanctions and penalties.
Risks Associated with Trading with Iran
The OFAC advisory warns that the United States is committed to aggressively enforcing its sanctions against Iran, including targeting shipments of petroleum and petroleum products. The advisory provides examples of deceptive shipping practices used by those involved in the trade of petroleum and petroleum products with Iran and recommends risk mitigation measures for individuals and entities in the maritime space.
Antigua and Barbuda’s Maritime Administration Advisory
Antigua and Barbuda’s Maritime Administration (ADOMS) strongly advises all Antigua and Barbuda-flagged ships to exercise extreme caution and note the provisions of the OFAC advisory on Iran to avoid any sanctionable activities. The government considers the mitigation of United States sanctions risk against its flagged vessels to be in its national interest.
Consequences of Engaging in Prohibited or Sanctionable Conduct
Individuals and entities engaged in shipping-related transactions should be aware of the potential consequences for engaging in prohibited or sanctionable conduct. OFAC investigates apparent violations of its regulations and maintains enforcement authority, which may result in significant civil enforcement or criminal penalties for persons or transactions subject to U.S. jurisdiction.
ADOMS Policy Statement
The ADOMS policy statement emphasizes the importance of mitigating United States sanctions risk against Antigua and Barbuda-flagged vessels and advises all shipowners, operators, and masters to exercise extreme caution when dealing with petroleum and petroleum products from Iran.
Mitigating Risks Associated with Trading with Iran
In light of this advisory, it is essential for shipowners, operators, and masters of Antigua and Barbuda-flagged ships to be aware of the risks associated with trading with Iran and take necessary precautions to avoid any sanctionable activities. Some key steps include:
- Reviewing OFAC’s regulations and guidelines
- Conducting thorough risk assessments
- Implementing effective compliance programs
- Providing regular training for personnel
- Maintaining accurate records
By taking these steps, shipowners, operators, and masters can help mitigate the risks associated with trading with Iran and avoid any potential sanctions or penalties.