[EN-SEA] UK Forwarders Warned of Aiding US Trade With Iran

THE British International Freight Association (BIFA) has warned UK forwarders to be aware that US sanctions against Iran may make them subject to penalty if they are found to be helping Americans trade with Iran.

The warning comes a day after the British government laid before Parliament a Statutory Instrument under the Counter-Terrorism Act, requiring the financial services sector to stop trading with the Islamic Republic of Iran Shipping Lines (IRISL) and Iranian Bank Mellat.

"New regulations in the US mean that any American entity facilitating trade with Iran, in any form, could be targeted. We understand that this will bring non-US subcontractors into scope and can apply to worldwide movements not solely those to or from the US," said BIFA.

Companies failing to comply will face possible asset-seizures and restrictions US market access if they arrange shipments or carry restricted cargo to Iran.

BIFA said the issue is "further complicated" by measures to stop the use of Iranian vessels that have been re-registered in other countries. American authorities are said to have issued a list of 155 ships that may not carry US-origin goods.

This means that forwarders and shippers are not permitted to charter these ships nor book cargo on them.

As a result of such action, BIFA is encouraging its members to consult the list to avoid these vessels.

The list can be found at: http://www.treas.gov/offices/enforcement/ofac/actions/20080910.shtml

Source : HKSG.