Sanctions Against Iran: A Dynamic Situation

Iran_FotorIn November 2013, the US and its P5+1 partners (the UK, France, Germany, Russia, China and the EU) met to discuss a way forward and agreed on the first step activities towards a final, comprehensive solution aimed at Iran to curb its nuclear program.

On Monday, January 20, 2014,  the US and EU said they will lift some sanctions against Iran after reports from international inspectors that Iran has complied with stopping uranium enrichment under an interim pact to scale back its nuclear program.

“…the US and its P5+1 partners…will today follow through on our commitment to begin to provide the modest relief agreed to with Iran. At the same time, we will continue our aggressive enforcement of the sanctions measures that will remain in place throughout this six-month period.”  – Jay Carney, White House Press Secretary. January 20, 2014.

Iran sanctions are still being enforced

Despite these recent developments and the potential change in sanctions, if your organization is in any way associated to companies with full or partial ownership based in Iran, or even companies that are associated with companies with Iranian origins, then you may be at risk of breaching sanctions.

Legislation such as CISADA remains unaffected during the activities, and this particular piece of legislation crucially places the onus on the organization to proactively conduct due diligence and know what information is available in the public domain on those with whom they do business.

There are also a significant number of US and EU sanctions that remain in place including US secondary sanctions against non-US banks for certain dealings with Iran, and the Iranian financial sector.

World-Check Risk Intelligence

For current World-Check users, there have been no changes to the keywords used to filter Iran sensitive data and they remain IRAN-IEI and IRAN-WC. For any questions or for more information about our Iran sanctions-related intelligence and EDD reporting capabilities, please click below.

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