Economic sanctions against Iran have been lifted, but some sanctions still apply. A pair of attorneys at the global Pillsbury law firm claim that screening rules still exist when trading with Iran, which means complications for anyone in the U.S. and European Union (EU) doing bitcoin transactions with parties in Iran, according to City A.M., a London, U.K. newspaper.
Attorneys Steven Farmer and Matthew Oresman claim some EU and U.S. financial sanctions remain in place against certain Iranian individuals and businesses. (The lawyers are both sanctions experts and Farmer is also a bitcoin expert.) In such cases, it is necessary to screen parties in Iran when doing transactions with them. The same holds true for doing transactions with other nations under sanctions such as Russia and Syria.
Bitcoin Complicates Due Diligence
If an entity is on an asset freeze list, there is a prohibition on dealing with “economic resources” or funds controlled by that entity.
The lawyers said bitcoin complicates due diligence in such situations. “The