MEDIA RELEASE PR40117
World-Check Protects Clients From Illicit Vessel Risk Months Ahead of Government Sanctions
Lists
LONDON, June 22 /PRNewswire-AsiaNet/ --
World-Check's vessel screening research unit profiled 17 of the 27
vessels allegedly connected to Iran's nuclear and missile programs many
months ahead of their inclusion on published government lists on 16 June
2010. Having this vital information early has helped World-Check clients to
avoid the risks associated with engaging with these companies and vessels.
The US Treasury Office of Foreign Assets Control (OFAC) has also amended
the names of 71 of the previously listed vessels, of which 69 of the new
names were already profiled by World-Check. The vessels are included in the
sanctions lists for their role in allegedly helping Iran to fund nuclear and
missile programs and to evade international sanctions. The new listing
includes five front companies and more than 90 ship names.
"Our researchers have been successfully collecting and analysing vessel
and associated transactional data since 2001," explained Daniel Peak, Chief
Executive Officer of World-Check.
"The vessel data we gather is unique because we not only profile
embargoed vessels but vessels registered under embargoed countries and ports.
Our intelligence highlights all maritime vessels appearing on sanctions and
enforcement lists and also tracks name and flag changes of vessels. We
include all IMO* numbers and characteristics for vessels. More importantly,
we link this information to registered owners and other parties where
appropriate, profiles of these individuals and organisations are also
included in our database."
"Time and again the quality of our research and our ability to provide
early warning of the associated risks to our clients is proven when
government sanction and watch lists are published."
Vessel screening is vital to avoid risks such as reputational and loss of
income. The most serious direct risk is a vessel that has been hi-jacked,
stolen, leased or bought and subsequently registered with false information
about its identity, ownership, dimensions and characteristics. These
so-called 'phantom ships' and scams rely overwhelmingly on the falsification
of documents and corrupt officials, in tandem with the deft exploitation of
credible financial and legal instruments.
Indirect risks include investing in businesses and partnerships that have
subsidiaries or associates linked to shipping concerns that may be involved
or associated with unethical or illicit activities. This usually results in
prosecution, collateral and financial loss, or reputational damage.
About World-Check
Trusted by more than 4 500 institutions in over 160 countries,
including 49 of the world's top 50 banks, World-Check offers an end-to-end
solution for assessing, managing and remediating financial, regulatory and
reputational risks. World-Check's global database of Politically Exposed
Persons (PEPs) and heightened risk individuals and entities, due diligence
reports, passport verification and country risk assessment tools provide the
means to address the full spectrum of risk across all markets and industries.
Represented across five continents, World-Check's international research team
monitors emerging risks in more than 50 languages, covering over 240
countries and territories worldwide.
Notes:
*An IMO ship identification number is an identifying character string
assigned by the International Maritime Organization to a ship for
identification purposes in order to enhance "maritime safety, and pollution
prevention and to facilitate the prevention of maritime fraud."
Heather Thompson
World-Check Media Desk
E-mail: ht@world-check.com
SOURCE: World-Check
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