Stopping Illicit Oil Shipments Act of 2023
This act aims to make it harder for sanctioned countries like Iran and Russia to illegally trade oil. It introduces new rules for insurance companies, requiring them to verify vessel registrations more thoroughly to prevent fraud. This helps ensure that citizens' money does not support illicit activities and that sanctions are more effectively enforced.
Key points
Insurance companies must verify vessel registrations to avoid policy invalidation.
State authorities can report suspicious insurance contracts, making it easier to prosecute fraud.
The act seeks to curb illegal oil trade by sanctioned countries, enhancing international security.
Expired
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