Economic sanctions against Iran - .PDF file.
As recently demonstrated, local and international companies in the Middle East must be compliant with several jurisdictions at the same time and keep abreast of legislative changes from the United Nations (UN), the European Union (EU) and the US that affect Iran and other sanctioned countries. The ultimate defence in protecting yourself from the possibility of infringing any of the existing sanctions remains preventive action.
As a matter of fact, abstaining from dealing with blacklisted entities, ensuring that self-regulation is diligent and thorough, and actively ensuring the validity of a client or transaction in line with applicable trade sanction laws will best enable companies to comply with these far-reaching economic sanctions.
Enhanced due diligence is the key, as highlighted by the recent advisory issued by the US Treasury’s Office of Foreign Assets Control (OFAC) in January 2013…
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