Vessel Compliance: Don't let the ship sail without you

The end results of poor vessel compliance: A container ship of spoiled produce, a financial loss for the importers and exporters, a captain that must answer for his or her actions, a ship barred from further commerce in the US (either for several months or even years) and a firm with fines in the tens of millions.

OFAC may impose a civil penalty for each violation up to $250K and twice the "amount of the transaction that is the basis of the violation." Civil penalties are imposed on strict liability basis. Non-compliance means severe fines.

The risks are ever increasing and implications are great for non-compliance in vessel shipping. It’s continually becomes more pressing and urgent for compliance officers to ensure they are up-to-speed.

Compliance officers must be aware of this high-risk and have the right screening tools in place to ensure their firm is protected.

Join Nigel Kushner, Managing Director of Whale Rock Legal Limited speaks with Complinet in a straightforward examination of vessel compliance and will be covering:

• Review OFAC sanctions regime with regards to vessels
• What are the penalties for breach of OFAC regulations and what action has recently been taken by OFAC?
• Rules applicable to blocked vessels
• Contracts: Why is it important to have a clause dealing with blocked vessels in contracts? Are there any other limitations which still exist?
• Practical tips and solutions regarding data and screening that you must have to protect your firm

Speaker:

Nigel Kushner
Nigel founded Whale Rock Legal Limited in 2008. Having trained and qualified at Clyde & Co, a top 20 firm in the City of London, he was admitted as a solicitor in 1998. He spent seven years as sole in-house lawyer at one of the world’s largest privately owned steel traders, managing a diverse workload, including shipping, commodity contracts, projects, derivatives and litigation. More recently, Nigel was appointed as sole in-house lawyer at Triland Metals Limited, a base metals category 1 LME ring dealer, wholly owned by Mitsubishi Corporation.

Tuesday
November 24, 2009

11am London
3pm Dubai