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In Historic Iran Deal, Straits for Compliance Officers to Navigate
By Colby Adams and Kira Zalan
printAn accord between Iran and six nations expected to result in the broad suspension of sanctions against the Islamic republic will likely bring questions along with opportunities for banks. The long-negotiated Joint Comprehensive Plan of Action signed Tuesday outlines how the United Nations, Europe and, to a lesser degree, the United States would lift restrictions mandated under dozens of sanctions regulations, international resolutions and laws, including limits on Iran's access to bank messaging services and correspondent bank accounts. Contingent on Iran's willingness to verifiably scale back its nuclear program, the bulk of EU and U.S. sanctions against the nation's oil,...
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The expected reemergence of Iran on global markets will likely pose the toughest challenge for sanctions compliance officers in the coming year, according to Alexandre Lamy, an attorney with Baker & McKenzie's International Trade Practice Group.
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Should Iranian companies rejoin global markets next year under the terms of last month's intergovernmental accord, sanctioned Russian businesses could be discreetly riding on their coattails.
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