WILLEMSTAD – Maritime companies must look beyond basic sanctions screening and conduct more comprehensive due diligence when doing business internationally, according to experts speaking at the Curaçao Maritime Association's Annual General Meeting.
Following the association's business meeting, members attended a presentation by Benno van Leeuwen and Marjolaine Jardiner of Compliance & Forensic Caribbean titled Sanctions in Practice: Do's & Don'ts. The session focused on the growing impact of international sanctions on global shipping and maritime trade.
The presenters stressed that companies should not rely solely on sanctions lists but also understand who ultimately owns or controls a vessel or company. Even when a vessel itself is not sanctioned, transactions may still present risks if the beneficial owner or controlling party is subject to international sanctions.
Among the warning signs highlighted were complex ownership structures, manipulation of Automatic Identification System (AIS) signals, unusual trading patterns and operations involving high-risk jurisdictions. While these indicators do not automatically suggest wrongdoing, they may require additional investigation before business is conducted.
The seminar also examined the risks surrounding dual-use goods—products that have both civilian and military applications—and encouraged companies to ask three key questions before entering any transaction:
- Who is involved?
- What goods are being transported?
- How could the transaction potentially be used to evade sanctions or export controls?
CMAR said the growing complexity of international sanctions makes compliance an increasingly important issue for maritime businesses operating in the Caribbean.