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“Know Your Cargo”

Entities involved in funding and facilitating the transport of cargo are strongly advised to “Know Your Cargo”.

Failures to do so may result in penalties.

This is the key message from the US Compliance Note jointly issued a few weeks ago by 5 US government departments – the Departments of Commerce, Treasury, Justice, State and Homeland Security.

The government guidance reminds us that the maritime industry is not just responsible for adhering to the price cap on Russian oil, but also detecting and preventing deceptive maritime practices relating to Iran, North Korea, and other sanctions programmes.

It also singles out freight forwarders, and other agents acting on behalf of the principal parties, reminding them they are also responsible for their actions. It cites a US$6million fine levelled against Australia-headquartered freight forwarder Toll in 2022 for facilitating payments worth over US$48million involving entities linked to North Korea, Iran and Syria.

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