Cooperation With OFAC Allowed Sanctioned Shipping Company 'Timely' Removal From SDN List, Law Firm Says
A sanctioned shipping company received expedited removal from the Treasury’s sanctions list because of its cooperation, transparency and commitments to the agency, according to a Sept. 25 post by Winston & Strawn.
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The shipping company, Liberia-based Lima Shipping Corporation, was delisted on Sept. 25 (see 1909240049) after just five months on the Office of Foreign Assets Control’s Specially Designated Nationals List because of its above-average cooperation with OFAC, Winston & Strawn said.
“Beginning immediately after the designation, Lima engaged with OFAC to provide assurances that it would refuse further engagement with the Venezuelan state-owned oil company Petroleos de Venezuela SA, and would continue to operate with full transparency,” the law firm said.
While it normally takes companies more than a year to be removed from the SDN List, “commitments from Lima and its transparency with regard to vessel movements and operations enabled Lima to obtain the relatively timely delisting,” the post said.