OEG Offshore is committed to complying with all applicable laws and regulations where it operates. Compliance with all applicable sanctions is compulsory and essential to OEG's current business interests and future business opportunities. OEG has developed and implemented a global sanctions policy to ensure that the OEG Group, its representatives, agents, and business partners comply at all times with all applicable sanctions.
Our Global Sanctions Policy is applicable to OEG Offshore Group companies and their officers, directors and employees. Furthermore, OEG undertakes a detail sanctions background review of customers and our supply chain in order to ensure that we are fully compliant with the latest requirements.
OEG requires that all members of our supply chain confirm that they are aware of Economic Sanctions and that they have read & understand our Global Sanctions Policy. It is important to OEG that we have visibility of a like-minded compliance culture to detect and prevent violations of our Global Sanctions Policy.
OEG is committed to communicating our Global Sanctions Policy to all agents, joint venture partners, consultants, contractors and others who work on our behalf or represent us in some part of our business.
What are economic sanctions?
Economic sanctions are commercial and financial penalties applied by one or more countries against a targeted self-governing state, group, or individual. Economic sanctions may include various forms of trade barriers, tariffs, and restrictions on financial transactions. Economic sanctions are defined as the withdrawal of customary trade and financial relations for foreign and security policy purposes.
They may be comprehensive, prohibiting commercial activity with regard to an entire country, like the long-standing U.S. embargo of Cuba, or they may be targeted, blocking transactions of and with particular businesses, groups, or individuals. Sanctions take a variety of forms, including travel bans, asset freezes, arms embargoes, capital restraints, foreign aid reductions, and trade restrictions.
Implication for businesses
Global companies engaged in trade, manufacturing, finance, banking, as well as government contractors need to ensure they are not conducting business with any person, company or country on government denied, restricted, or sanctioned party lists.
It’s not enough to just "think you know" your business partners.
Sanctions can be an extremely serious matter for businesses who have undergone international expansion. Deliberately breaching sanctions, or engaging in any activity designed to circumvent them, is a serious criminal offence which can affect businesses and their executives. The UK Treasury introduced tough new measures, under which serious financial sanctions breaches can incur fines of up to £1 million – Ignorance is not an excuse.
OEG is committed to knowing exactly who it is we are dealing with at all times. We currently undertake a full screening of customers and suppliers using 3rd party software as a fundamental element of our due diligence and compliance with local and international laws. The screening software uses the most comprehensive set of worldwide lists updated daily from government and non-government sources for trade & financial sanctions, embargoes, anti-money laundering, foreign corrupt practices, law enforcement, politically exposed parties (pep). This process has assisted us greatly in streamlining this screening activity across all the countries where we operate.
It is OEG Group policy to conduct its business in an honest and ethical manner and is committed to acting professionally, fairly and with integrity in all of its business dealings and relationships wherever OEG operates. We provide policy awareness training and enhanced training where necessary to ensure that we have a robust system in place to address economic sanction screening.
The following resource links are provided for our Employees and website visitors to further expand awareness and updates on the latest online information available;
|OEG-Global-Pol-014 Economic Sanctions Policy|
|WikiPedia : https://en.wikipedia.org/wiki/Economic_sanctions|
|UK Gov : https://www.gov.uk/guidance/sanctions-embargoes-and-restrictions|
|UK Gov : https://www.gov.uk/government/organisations/office-of-financial-sanctions-implementation|
|UN Security Council : https://www.un.org/securitycouncil/sanctions/information|
|US Dept Of Treasury : https://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx|