EU establishes a Due Diligence Helpdesk on for SMEs dealing with Iran
The EU has initiated and funded a helpdesk to cover EU sanctions vis-à-vis Iran. The aim of this helpdesk is to assist European small and medium-sized enterprises that are interested in engaging with Iran, to consider entering the Iranian market in a legitimate way in compliance with EU law and in the framework of the Joint Comprehensive Plant of Action (JCPoA).
The helpdesk provides free-of-charge support to European companies on how to complete due diligence checks on EU sanctions for specific business projects in Iran. It helps therefore facilitating the financing of legitimate business opportunities in Iran by European banks.
The free-of-charge services of the Due Diligence Helpdesk on EU Sanctions include:
Helpdesk Enquiry Service – Confidential Consultation
Individual SMEs can submit enquiries via a query form on the Helpdesk website, accessing a panel of experts to receive confidential first-line information on their specific business case. The Helpdesk can inform EU SMEs about whether their planned business activities fall under EU sanctions, and the level of due diligence check required. Queries can be sent using the link to receive an expert reply within a few working days.
EU SMEs can download information materials from the website concerning EU sanctions and due diligence requirements pertaining to Iran’s business environment. The Helpdesk also publishes a regular newsletter which describes the due diligence approaches generally adopted in the emerging business sectors or interest to EU SMEs. News items are regularly posted on the Helpdesk website to keep EU SMEs up-to-date with the most important developments in the Iranian business environment. In the websites Resources, various sector reports are available for viewing. The Iran Food Industry sector report can be found at the following link:
The Helpdesk website has two analysis tools: (1) a self-analysis tool in order to determine whether a companies activities are illegitimate under EU sanctions, and (2) a Sanctions DD Analysis Tool which enables EU companies to access a Level 1 due diligence check. This analyses relevant documents are provided by the planned Iranian business partner. Following the Level 1 check, the Due Diligence Helpdesk on EU sanctions will inform the European company whether business activities are legitimate or not under the current EU legislation. In case further verification is needed, the enquiring company will be referred to a Level 2 or 3 due diligence check, which involves further in-depth verifications.
The Helpdesk delivers webinars for EU SMEs conducting business in Iran. Introduced by renowned experts, they cover EU sanctions and other due diligence compliance requirements when conducting business in Iran.
The ‘Launch Webinar: Ask the Experts’ conducted by the EU Helpdesk may be viewed at the following link: https://www.youtube.com/watch?v=yPBjoB4aiDQ.
The presentation is viewed at the following link: https://sanctions-helpdesk.eu/sites/default/files/2020-09/2020.09.%20%20Food%20Industry%20in%20Iran.pdf
Helpdesk website link: https://sanctions-helpdesk.eu/