First published on blog.marcura.com/laytime-desk
Shipping companies are increasingly facing regulatory pressures. A growing list of requirements relating to financial and systems controls, and compliance with anti-bribery, anti-money laundering and sanctions laws, are some of the most important issues which vessel-operating companies need to navigate in order to not run afoul with various laws and regulations in the jurisdictions where they operate. The cost of non-compliance can be severe and carries not just the possibility of monetary and reputational damages but also imprisonment for top executives.