President Obama has issued an executive order that may prohibit shipowners from paying ransoms to maritime pirates. Additionally, the U.S. Treasury’s Office of Foreign Asset Controls (OFAC) issued a list of Somali individuals and organizations that have been added to its SDN list. U.S. persons are prohibited from having any dealings with persons on the SDN list.

The Order shows that the Obama Administration is acutely aware of how serious the maritime piracy situation off the coast of Somalia has become.  The pirates and their tactics have grossly affectedthe safety and welfare of the world’s offshore workers and Foreign Mariners, and of course international trade and transport in general.  This order also allows the United States to freeze the financial asset of anyone directly or indirectly involved with Somali piracy groups.

The entire text of President Obama’s Executive Order can be found HERE.

For more information about your maritime claims, please contact us at info@smslegal.com.