We have set up a HKSOA roundtable discussion with U.S. Treasury Deputy Asst. Secretary Jesse Baker on December 13th. We believe this discussion will help the Tanker owners, operators, managers immensely in ensuring compliance with OFAC requirements.

Format
We shall have a 45-minute Chatham House rules discussion with a maximum of 15-20 participants, including three attendees from the US Treasury Department and Capt. Sherwood (U.S. Consulate). We shall also have a UK colleague (an illicit finance advisor from Her Majesty’s Treasury, who is based at the UK mission in Hong Kong), whom we have invited to participate as well.

Agenda
The HKSOA members are familiar with the oil price cap and are most interested in best practices for shipowners regarding due diligence, given that upstream data (of consignors and such) is not readily available to them. On the Treasury’s end, Jesse would be happy to speak about recent policy actions related to Russia and Iran. I’ve attached a recent best practice advisory from the US Treasury Department as background.

Scheduling
As the spaces are very limited, could you indicate availability on December 13 from 15:45 to 16:30? The meeting venue will be announced later, and places are offered first-come-first-serve.
I also request that you do not cancel at the last minute if you indicate your availability. Such cancelling not only prevents other interested parties from attending but is also quite embarrassing for the Association as a whole.

Updated Price Cap Coalition Advisory for Maritime Industry (Oct 2024)