Impact Publications : Aircargo_241
AirCArgo AsiA-PACifiC • FEB-MARCH 2016 • Page 23 ment there still needs to be caution on trading with Iran. There are still some goods and services subject to UN and Austral- ian sanctions and new sanctions could be imposed if Iran breaches agreements under the JCPOA: • There are still prohibitions on dealing with certain persons and entities as on the ‘Consolidated list’. • Certain financial transactions will still be subject to control by the Anti-Money Laundering and Coun- ter-Terrorism Financing Legislation. • Even for transactions now released from the previous finan- cial control under the Anti-Money Laundering and Counter-Terrorism Financing Legislation, the relevant reporting entity (the financial insti- tution) will need to comply with en- hanced due diligence requirements under Australian law in relation to transactions to or from Iran as these continue under the new regulations. This could limit the availability of finance. • Overseas sanctions could still apply to Australian transactions. For example, transactions by entities with US operations or using USD could still be subject to the US sanctions regime which has extra-territorial effect and comes with the threat of large US penalties and the risk of extradition of individuals to the US to face actions with possible jail time if found guilty of breach of US sanctions. Accordingly, those trading with Iran, which includes service providers in the supply chain and companies providing air and sea freight that are also subject to the sanctions regime, need to exercise significant caution especially in the early stages of in- creased trade under the new sanc- tions regime. Legal advice and DFAT consulta- tions are still recommended. From previous page. AAT signs up Malindo Air MALAYSIA’s Malindo Air has appointed Asia Airfreight Terminal (AAT)as its cargo ground handling agent for cargo and documenta- tion services at Hong Kong Inter- national Airport. Malindo Air, established in 2012, is a low-cost airline based in Pet- aling Jaya, Selangor and operat- ing centrally from hubs at Kuala Lumpur International Airport and Sultan Abdul Aziz Shah Airport in Selangor.