posted 2 years ago
Currently, the most challenging sanctions are the numerous sanctions imposed to Iran by the US government. FATF Blacklist is also restricting Iranian banking relations.
● While both US primary and secondary sanctions target Iranian nationals within Iranian territory, according to primary sanctions American companies are not allowed to provide them by products and the secondary sanctions impose limitations to other nationalities doing business with Iranians. Third party nationals have to choose whether they wish to have a presence in Iranian market or American one. If they want to have a presence in the US market, they will face fines if breaching US trade bans. The US sanctions put limitations on several sectors, namely petroleum and energy, banking and insurance, shipping, and some natural and legal persons.
● By being blacklisted by FATF, Iranian banking system is considered as an unsafe sphere, through which there may occur acts of money laundry or terrorism financial support. So most banks would avoid having transactions with Iranian banks due to keep themselves out of further accusations.