With 90 per cent of all world trade by volume and 70 per cent by value transported by sea, the maritime sector is the backbone of international trade and a critical global industry.
Yet the increase in international regulations and sanction policy, the emergence of new conflict zones and the rise of piracy and terrorism around the world means that financial organisations are increasingly exposed in this sector. Trade finance drives an estimated $14 trillion in annual global commerce, and the exposures of global banks in relation to shipping and related cargoes is high on the agenda. The consequences of sanctions breaches are serious, with