Global Compliance Risks Increase with Expanded International Sanctions Against Iran
07/12/2010Recent sanctions against Iran have garnered international attention and raised compliance concerns. The Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 signed into U.S. law by President Obama on July 1, 2010, the European Union’s commitment to expanded sanctions on June 17, 2010, and the UN Security Council’s Resolution 1929 adopted on June 9, 2010 are the most recent developments in a long history of sanctions directed at Iran. These measures are directed at specific aspects of Iran’s economy, in particular Iran’s nuclear program, its production and importation of refined petroleum products, and Iran’s Revolutionary Guard Corps. In light of these developments, there are increased risks for any business engaging in transactions in Iran or with Iranians.
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