Panama Flag Adopts Pole Star’s PurpleTRAC
Ship registry operations have become increasingly complex as the pervasive effect of economic sanctions causes State and private shipping operators to be less transparent with Regulators with respect to the beneficial ownership and operation of vessels.
As a result, Regulators are keenly monitoring the maritime sector and Flags in particular to ensure their internal processes meet best practice guidance.
Leading from the front and demonstrating its innovative credentials is the Panama Maritime Administration (AMP), which has adopted Pole Star's multi-award winning PurpleTRAC solution to ensure compliance to International sanctions across its registry operations and is the first in the sector to do so.
Fernando Solorzano, Director General, Panama Vessel Registry stated: "It is very important that we are able to ensure that our business is able to comply with an ever increasing and complex regulatory landscape. As the World’s largest Flag, by both ships and tonnage, we felt it was essential for us to lead our industry by adopting these new technologies that can protect our teams & our clients, and ensure that all efforts are made to comply with sanctions and regulatory policy worldwide."
Fernando added: "The Pole Star ‘PurpleTRAC’ solution enables us to screen our entire fleet on a daily basis, ensuring we have the clarity we need to comply."