Several major shipping registries, including Panama, Liberia, and the Marshall Islands, have come together to create a new information-sharing database called the Registry Information Sharing Compact (RISC). The primary goal of this database is to crack down on “flag hopping,” a practice where vessel owners and operators change the flag of their ships to avoid international sanctions.
This initiative, which was announced in February 2020, has garnered support from various global embassies and the US Department of State. The RISC database serves as a platform for registries to exchange detailed information about vessels, enabling them to stay informed about any potential sanctions violations. By collaborating and sharing data, registries can identify suspicious vessels and prevent them from switching flags while under investigation.
Initially, Panama, Liberia, and the Marshall Islands were the first to join RISC, with other registries such as Palau, Honduras, Comoros, and Saint Kitts and Nevis following suit. This collaborative effort aims to enhance transparency in the shipping industry and deter illicit activities that could harm international trade and security.
The establishment of the RISC database marks a significant step towards promoting accountability and compliance within the maritime sector. By leveraging technology and information sharing, shipping registries can effectively monitor vessel activities and ensure that they adhere to international regulations. This proactive approach not only helps prevent sanctions violations but also strengthens the overall integrity of the global shipping network.
In addition to facilitating communication between registries, the RISC database also serves as a valuable tool for tracking the movement and behavior of vessels. This data-driven approach enables authorities to quickly identify and address any potential risks or discrepancies, enhancing maritime security and regulatory enforcement.
As the shipping industry continues to evolve and face new challenges, initiatives like the RISC database play a crucial role in promoting transparency and accountability. By working together and sharing information, shipping registries can effectively combat illicit activities and uphold the integrity of the maritime trade system. The launch of the RISC database reflects a collective commitment to ensuring a level playing field for all stakeholders and supporting a safe and secure maritime environment.