Panama Issues Decree to Strip Sanctioned Ships of Registration
Panama President Jose Raul Molino has issued an executive decree for the Panama Ship Registry — the world’s largest shipping registry —to cancel any vessel on international sanction lists.
The Panama Maritime Authority said the Oct. 18 action gives it a legal mechanism to immediately cancel the registration and navigation permit for vessels within the national merchant fleet that are included on sanction lists.
The executive decree also ordered the cancellation of ships or registered owners sanctioned by the Office of Foreign Assets Control of the U.S. Treasury as well as those on the U.N. Security Council list of persons and entities associated with terrorism or its financing and the list of vessels designated by committees of the Security Council.
The order noted that vessels on the multination European Union sanctions lists, including those on the EU Consolidated Financial Sanctions List and the U.K. sanctions list, also will be cancelled.
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