Table of Contents

Executive Summary

Key Findings

Compliance Recommendation

Critical Corrections

Vessel Identity Profile

Vessel Particulars

Identity Red Flags

Registration & Ownership Chain

Ownership & Management Timeline

Shell Company Analysis

Criminal Proceedings

Sanctions Screening — All Named Entities

Behavioral Profile

STS Fraud Mechanics

Event Timeline

Behavioral Red Flags

Network Analysis

STS Fraud Cluster

Entity Network

Network Assessment

Risk Assessment

Risk Matrix

Alternative Explanation — Devil's Advocate

What Would Change the Assessment

Evidence Quality & Methodology

Confidence Breakdown

Source Coverage

Known Gaps & Limitations

Investigation Progress

Methodology

Appendix A: Red Flags Summary