"Canada Expands Its Economic Sanctions Against Iran", Focus on International Trade - November 2011
Date:
November 23 2011
On November 21, 2011, in response to the International Atomic Energy Agency’s recent assessment of Iran’s nuclear program and in conjunction with similar measures taken by the U.S. and U.K., Canada expanded its sanctions against Iran under the Special Economic Measures Act (“SEMA”) by amending the existing Special Economic Measures (Iran) Regulations.
This alert provides an overview of the new measures. These additional sanctions should be carefully reviewed and incorporated into the export compliance and screening procedures of Canadian companies doing business not just in and around Iran, but also in international trade more generally. Particular care must be taken by financial services businesses for whom the expectation of due diligence is high. Parties contemplating any form of business transaction or undertaking which even indirectly involves Iran would be well advised to seek legal advice prior to proceeding.
Contemporaneously, the U.S. and U.K. have also established similar sanctions having a particular focus on the financial services industry.
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