The Panama Maritime Authority (PMA) has responded promptly and firmly after a Panamanian company, citizen, and 17 vessels registered under its flag were placed on the U.S. OFAC sanctions list. These measures underline Panama’s dedication to maintaining the integrity and international credibility of its Ship Registry.
Deregistration and Sanctions Enforcement
In accordance with Executive Decree No. 512 (dated October 18, 2024), the PMA has initiated the deregistration process for all 17 sanctioned vessels. The authority is also enforcing punitive actions against the sanctioned economic group and the associated Panamanian company. These steps aim to ensure that sanctioned entities are immediately excluded from operating under the Panamanian flag.
Strengthening Due Diligence to Prevent Future Violations
To avoid future misuse of its Ship Registry, Panama has enhanced its due diligence requirements. All applicants — including vessel owners, operators, and charterers — will undergo thorough screening processes. This move ensures that no individuals or organizations under international sanctions can benefit from Panamanian registration, reflecting Panama’s zero-tolerance policy toward non-compliance.
By swiftly removing sanctioned entities and strengthening its control systems, the Panama Maritime Authority is sending a clear message: its Ship Registry will not serve as a safe haven for those under international sanctions. These proactive efforts reinforce Panama’s commitment to transparency, compliance, and global maritime standards.
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Source: Panama Maritime Authority (PMA)
