Kenneth Rijock

Kenneth Rijock

Monday, June 10, 2013

RAISE COUNTRY RISK ON SOUTH AFRICA


The imposition of US sanctions upon two South African companies said to be funneling Iranian investment capital into the Cape Town area, and allegations that The Republic of South Africa has become a favoured jurisdictions for Iranian sanctions evasion, are sufficient reasons to require that Country Risk be increased at this time.

A complex global corporate web, of thirty seven companies, set up to evade international sanctions, reportedly facilitated the illicit transfer of funds into South African real estate. Inasmuch as the extent of current Iranian sanctions evasion activities is not known, you are advised to reevaluate all your bank client business with South African entities, to ensure that you are not unwittingly facilitating the transfer of Iranian funds to South Africa.  

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