The Republic of Panama is in the process of removing sixty Panamanian-flag vessels from registration, due to the fact that Iran is using Panamanian-registered oil tankers to transport sanctioned petroleum, and is also shipping oil to Syria, which is internationally sanctioned.
Panama has no wish to run afoul of international sanctions involving Iran, according to Panama's Maritime Authority. The vessel was reportedly bound for Syria's Banyas Refinery.
Some deregistered vessels have failed to reregister elsewhere; the GRACE I, seized by the Royal Navy in Gibraltar Territorial Waters8, was delisted by Panama on May 29. It was detained for illegally transporting crude oil to Syria from Iran, technically as a stateless vessel, which provides a ground for naval or law enforcement forces to stop and identify.
Contributed by Kenneth Rijock - Financial Crime Consultant
Chronicles of Monte Friesner - Financial Crime Analyst
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