What's so important about a ship's flag?

Most ships sail under a flag that differs from that of their owner.

from BBC News - World https://ift.tt/313L2gz
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How US commerce secretary's Epstein links were uncovered by British whistleblower

Simon Andriesz made the discovery about Howard Lutnick in publicly released Epstein files. from BBC News https://ift.tt/gWX4nNp