Iran, Syria ties: US watchdog quizzes firms

Correspondence shows many firms staying within the letter of the law.

WASHINGTON: US financial watchdogs have demanded dozens of big-name Western firms open the lid on their business in Iran, Sudan and Syria – countries deemed by Washington to be “state sponsors of terrorism.”

Documents recently released show the Securities and Exchange Commission in a tug-of-war with household names like Sony, Caterpillar, Xerox, AIG and Siemens, to provide a comprehensive account of their trade with the four nations.

The correspondence – which is released with a delay of at least 45 days and dates back to the beginning of this year – shows many firms staying within the letter of the law, while continuing to do business amid high-profile sanctions.

Published in The Express Tribune, December 13^th, 2011.