The Panama Maritime Authority (AMP) has announced that a legal mechanism has been established that will allow the immediate cancellation of the registration and navigation patent for international or domestic service of vessels included in sanction lists.
According to the Panama Maritime Authority, on 18 October the Executive Decree No. 512 was published in the Official Gazette, ordering the cancellation of ships or registered owners. Additionally, any other document required for navigation that has been issued by the AMP will also be cancelled. This includes:
- Sanctions lists issued by the Office of Foreign Assets Control (OFAC) of the Department of the Treasury of the United States of America.
- United Nations Security Council List of Persons and Entities Associated with Terrorism and its Financing and List of Vessels Designated by Committees of the United Nations Security Council.
- European Union Sanctions Lists – EU Consolidated Financial Sanctions List.
- United Kingdom (UK) sanctions list – Consolidated List of Financial Sanctions Targets in the UK.
Organizations recognized by the Republic of Panama or subject to its jurisdiction are prohibited from providing classification and/or certification services to vessels that are in the process of being deregistered or have been cancelled.
To remind, earlier this month Panama had announced the cancellation of the registration of any vessel found to be involved in illegal activities or that changes its flag to evade sanctions.
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