The Oath Magazine Reports on Iran Sanctions Discussion with Mac Fadlallah
Mac Fadlallah, a partner in the international trade practice at Akin Gump, recently participated in a program organized by the Oath magazine that was held in Dubai, titled “Iran Sanctions: One Year Later.” Fadlallah led the discussion, sharing his views on what has changed with the sanctions after one year and how the result of the U.S. presidential election might play a role in the U.S.-Iran sanctions program.
The discussion began with a look at how the sanctions apply to non-U.S. entities, with Fadlallah sharing the common misconception that sanctions only prohibit dealing with certain countries or governments. In fact, he said, they often extend to dealings with specific individuals or entities. He stressed the importance of conducting proper screening on transactions to avoid exposure to the risk of dealing with the wrong parties. Fadlallah also talked about the possible consequences of running afoul of U.S. sanctions laws.
As for the Iran deal in particular, and what has changed since its signing, Fadlallah said that, while there may be fewer legal restrictions, for many companies, whether they choose to do business in Iran is a practical issue. Banks, he said, “choose not to accept the risk of doing Iran-related business, or doing any business involving parties listed on any restricted party list. Being added on these lists can significantly impact your banking relationships globally.”
Finally, with regard to the incoming Trump administration, Fadlallah thinks it is highly unlikely that Donald Trump will “tear up” the agreement with Iran. Still he said what remains clear is that “Iran policy will be one of the front and center issues of the new administration’s transition work.”
To read the full article on the program in which Fadlallah participated, please click here.