Partners to Support Anti-Bribery Compliance in Shipping

RightShip Anti-bribery organization TRACE International and RightShip, a provider of online maritime safety and environmental risk management system, have partnered up to support anti-bribery compliance in the maritime industry through TRACEcertification of vessel owners. This partnership is part of TRACE Internationals Shipping and Maritime Initiative, established to raise awareness of anti-bribery compliance in shipping with the goal of sustainability reducing corruption in the shipping supply chain. Vessel owners who have completed TRACEcertification receive a rating of CR-1, CR-2, CR-3 or CR-3s. The lower the number, the lower the level of bribery risk associated with that vessel owner, the partners said. TRACEcertification reduces the cost of compliance throughout the shipping supply chain; vessel owners save time and budget by not having to complete due diligence reviews for multiple charterers, and charterers have pre-vetted entities available to them. Shipping is considered a high-risk undustry and we are pleased to partner with RightShip to increase commercial transperancy in a traditionally opaque industry, Alexandra Wrage, TRACE President, said. Completing TRACE Certified Due Diligence is a practical way for vessel owners to demonstrate their commitment to international anti-bribery standards while keeping compliance costs low, Wrage added.