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Flags of Convenience: A Cloak for Illicit Maritime Activity (Part I) - Global Financial Integrity
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Flags of Convenience: A Cloak for Illicit Maritime Activity (Part I) - Global Financial Integrity
By Tanya Tono The Dark Side of Open Registries In the global shipping industry, “flags of convenience” (FoC) refer to the practice of registering a vessel in a country other than where its owners are based. These open registries often feature lax oversight, lower fees, and looser regulations, attracting shipowners seeking to reduce costs or conceal their activities. Unfortunately, FoCs have also become a cloak for illicit maritime activity, enab…
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