BIMCO and P&I clubs working together for OFAC Compliance Clause
Designed to complement the Sanctions Clause for Time Charter Parties A specialist Working Group set up to develop an OFAC Compliance Clause met in London on 16 May. BIMCO is working together with the International Group of P&I Clubs and several London based P&I Clubs to draft the OFAC Compliance Clause. The Clause will be designed to complement the Sanctions Clause for Time Charter Parties which BIMCO produced last year.The Working Group has outlined the structure of the proposed clause and identified a number of scenarios where the OFAC legislation could create compliance issues under a charter party particularly situations where a non-compliance arises during a time charter and there is cargo on board.The Working Group plans to seek the advice and guidance of US lawyers with expertise in OFAC related matters before proceeding with drafting. A preliminary report of the findings will be presented to the Documentary Committee Meeting in June and then the Working Group will continue their drafting work over the summer. Normal 0 false false false EL X-NONE X-NONE MicrosoftInternetExplorer4 Recent developmentsOn 9 June 2010 the UN Security Council extended the scope of its existing arms embargo and restrictions on financial and shipping companies related to ...
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