The Panama Maritime Authority (PMA) has taken immediate action following the recent designation by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) of a Panamanian company, its partners, and seven vessels registered under the Panama Ship Registry.
The measures taken include:
- Initiating the cancellation process for the registration of all seven sanctioned vessels, in accordance with Executive Decree No. 512 of October 18, 2024.
- Taking the corresponding enforcement measures against the sanctioned company.
As part of its proactive approach, the PMA has further tightened its pre-registration screening and vetting procedures to prevent undesirable actors from gaining access to the Panamanian flag. Every vessel applying for entry into the Registry, along with its owners, operators, and charterers, must undergo a rigorous due diligence process.
The PMA reaffirms its unwavering commitment to a zero-tolerance policy toward the misuse of the Panama Ship Registry and to excluding any vessels, companies, service providers, or other stakeholders designated under international sanctions lists recognized by the Panamanian State.
