US Sanctions on Panama-Linked Law Firm Highlight Compliance Risks

On 21 October, the US Treasury Department imposed sanctions on Karnakis & Karnakis, a law firm operating in Greece and Panama, alleging that it had provided legal support to Iranian shipping networks. The announcement underlines the importance of sanctions screening and due diligence for companies operating across international financial and shipping networks. Law firms, compliance consultants and financial institutions can assess demand for sanctions screening, beneficial-ownership checks and trade-compliance reviews. The announcement concerned regulatory enforcement; no related advisory contract value was disclosed.