The UK is renowned across the globe for its leadership in the maritime shipping industry. Historically, shipping has been vital to the development of the UK, which continues to move 95% of all its imports and exports by sea.1 The maritime sector contributes over
£14bn to the UK economy each year, supporting an estimated 186,000 jobs.
The UK also operates the largest share of global maritime insurance, with around a third of the total market. This is more than the United States, Japan, Germany and France.
13 of the major international P&I Clubs, who insure around 90% of world merchant tonnage, operate from management offices in the UK. This includes the International Group of P&I Clubs, the trade association for the industry which is based in London.
This guidance is produced by the Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, the authority for the implementation of financial sanctions in the UK.
It provides financial sanctions guidance for entities and individuals which operate in, or with, the maritime shipping sector, especially those involved in areas that may be subject to UK financial sanctions restrictions, including the handling of goods.