Financial Crime Risk
Fraud, corruption, money laundering, and sanctions violations are all examples of risks that have the potential to cause financial and reputational damage to organizations.
Flag hopping was defined by OFAC as “repeatedly registering with new flag states to avoid detection.” But registration changes are also commonly used as a financial tactic, meaning that malicious flag hopping is well-concealed in a sea of legitimate flag hopping.
Flag of Convenience
This term refers to flags other than the one belonging to a ship owner’s flag state. Owners will often register with a flag of convenience to take advantage of lower taxes, reduced regulation, or administrative fees.
What is freight transport? Freight transport is the movement of goods from one place to another. Common freight includes commercial goods, commodities, and merchandise in bulk. “The main transport mode for global trade is ocean shipping: around 90% of traded goods are carried over the waves. As such, the oceans provide the main transport arteries…