My point is, what is the definition of "due diligence"? Who can say "yes, you're doing everything required"?
Usually, that's court cases and resulting case law, as well as executive fines... which means there is an insane amount of risk attached to everything related to sanctions, and additionally enforcement may vary between different governments.
Interpreting and complying with laws is something all business have to deal with, and not just with sanctions. I am not a lawyer, but due diligence is usually “do the best you can with the data you can reasonably get”. If you need to comply with sanctions law then you should ask your corporate lawyer.
Either way, your company is required to follow the law regardless of your opinion on it.
My point is, what is the definition of "due diligence"? Who can say "yes, you're doing everything required"?
Usually, that's court cases and resulting case law, as well as executive fines... which means there is an insane amount of risk attached to everything related to sanctions, and additionally enforcement may vary between different governments.
Interpreting and complying with laws is something all business have to deal with, and not just with sanctions. I am not a lawyer, but due diligence is usually “do the best you can with the data you can reasonably get”. If you need to comply with sanctions law then you should ask your corporate lawyer.
Either way, your company is required to follow the law regardless of your opinion on it.