US says IRISL uses deception to evade sanctions

THE Islamic Republic of Iran Shipping Lines and companies acting on its behalf are using deception to evade American and international economic sanctions, says the US Office of Foreign Assets Control (OFAC).

In an advisory to the trade, OFAC warned of the following practices: the use of container prefixes registered to another carrier, omitting or listing invalid, incomplete or false container prefixes in shipping container numbers and naming non-existent ocean vessels in shipping documents.

IRISL has used container prefixes such as IRSU and XBIU, which belong to another carrier, and ALXU, which is fabricated, reports American Shipper. Examples of container prefixes that are registered to designated entities affiliated with IRISL include SBAU and HDXU.

The office said these practices with documents including letters of credit and other trade finance facilities, enable IRISL's shipping business and the financing of transactions involving merchandise shipped on vessels that have been identified as blocked.

Transactions involving US-sanctioned entities cannot be processed through the US by Americans unless there is an authorisation from OFAC.

"All persons should be alert to the presentation of fabricated vessel names in trade documents and check the bona fides of unfamiliar entities issuing shipping documents," OFAC said.
(Source:http://www.schednet.com)