6 Hrs
Source:
الاقتصادية
Sanctions' Mideast Reach
The U.S. Treasury Department added eight Canadian companies to its sanctions lists: Diverse Trade Inc., 1380079 BC Ltd., Top PC Technician Inc., NIA Nations Currency Ltd., 2397639 Ontario Ltd., CCC Inc., B Galaxy Inc., and Darvish Exchange. It accused them of facilitating financial transactions linked to Iran and converting currencies into digital assets. The decision means financial institutions in the Middle East may face greater scrutiny of counterparties, intermediaries, and digital wallets. Non-U.S. entities could also face secondary sanctions if they conduct significant transactions with listed Iranian platforms or provide support to prohibited entities. However, the listings do not automatically prohibit all institutions in the region from doing business, or every transfer linked to Iran. The risk depends on the parties to a transaction, its nature, and its significance. The decision may prompt institutions to tighten checks on customers and sources of funds, increasing compliance costs.
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