Due Diligence in Iran “Can Trigger Sanctions Violations”

The recent settlement agreed between the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and IPSA International Services of Phoenix, Arizona, highlights the risk that companies face when engaging third-party consultants to perform due diligence on counterparties in Iran.

So says a paper from Washington-based legal and lobbying firm Akin Gump Strauss Hauer & Feld LLP, which concludes that “U.S. persons must make clear to consultants providing services that due diligence must exclude work performed in Iran or by Iranian nationals ordinarily resident in Iran.

The full paper can be read here.

(Source: Akin Gump Strauss Hauer & Feld LLP)

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