Red Flags when doing business with the U.S. # 2

Sample 2 (Sample 1 see Blog Entry August 10) : U.S.sanctions against foreign companies when delivering blacklisted products to Iran. See Official Statement of the DOJ, July 7, 2010: A federal grand jury in Washington, D.C., has charged an Irish trading company, and its Irish officers in Ireland, in a superseding indictment with purchasing F-5 fighter aircraft parts, helicopter engines and other aircraft components from U.S. firms and illegally exporting them (via Malaysia) to (not officially mentioned to the Iran. Apart from the order, the defendants had no contact to the United States. Thus, get the necessary information first from the U.S. Office of Foreign Assets Control (OFAC). Be aware that your company is even then subject to OFAC’s reach if not doing business in the United States but having a German Management Board to which a U.S.Citizen is a member to.

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