Avoid unwitting association with sanctioned or embargoed vessels at sea ports. Identify Vessels. Screen for Risk. Investigate Background.
It is important that firms who engage vessels through charters, freight or insurance understand the often complex ownership structure behind the vessel.
Direct and Indirect risks include:
- Unknowingly engaging a vessel that has been previously associated with illicit activities or currently appears on a sanctions list
- Engaging a ‘phantom ship’
- Engaging a vessel linked to either private and public interests in Iran and other embargoed countries
- Investing in businesses and partnerships that have subsidiaries or associates that have shipping concerns
- Phantom ships and vessels with dubious associations rely overwhelmingly on the falsification of documents and complicity of corrupt officials
- Unwitting engagement with any vessel that is compromised can result in seizure, financial loss and the inclusion of individuals or companies on watch lists
Ship identity verification, risk screening and background checks are vital in revealing associations and links that may contain risk. Accelus for Vessel Screening is a distinctively accurate, tailored and integrated solution that assists companies and organizations in assessing their exposure to risk, and in providing assurance in this complex area of investment.