The purpose of this Restricted Countries and Territories Policy (hereafter referred to as the "Policy") is to ensure that MarketParts MENA Hub W.L.L. ("MarketParts," "we," "our," or "the Platform") complies with international sanctions laws and regulations. This Policy provides a framework for conducting business responsibly and in accordance with global trade laws, sanctions, and embargoes to prevent legal violations and to maintain the integrity and reputation of the Platform.
This Policy applies to all employees, contractors, directors, and officers of MarketParts MENA Hub W.L.L., across all regions and divisions where we operate. It governs all business dealings, including procurement, sales, partnerships, and financial transactions related to automotive spare parts and services.
MarketParts MENA Hub W.L.L. is committed to full compliance with the regulations governing international trade and sanctions. This includes avoiding any business activities within, or related to, countries and territories that are under sanctions or embargoes imposed by authoritative bodies such as the United Nations (UN), European Union (EU), United States (US), and any other applicable international or national entities. MarketParts aims to ensure that its business operations align with ethical practices and global legal standards.
MarketParts prohibits any business engagement or transactions involving countries and territories currently under comprehensive sanctions or embargoes, which include but are not limited to:
These countries are subject to specific and targeted sanctions that may restrict certain types of transactions:
MarketParts also prohibits any dealings with individuals or entities listed on international sanctions lists, such as the Specially Designated Nationals (SDN) and Blocked Persons List maintained by the US Treasury Department's Office of Foreign Assets Control (OFAC).
In addition to the restrictions mentioned above, MarketParts enforces a strict policy regarding specific product types and sanctioned territories. All automotive spare parts and related products that fall under international restrictions or sanctions will be subject to separate due diligence, as outlined in our Country-Specific and Sanctioned Products Policy. This additional policy includes detailed guidelines on restricted product types, including those used in sanctioned regions, ensuring compliance with international laws and regulations.
Due diligence is required for all proposed business activities to ensure that no connections exist with restricted countries, territories, or individuals/entities subject to sanctions. This includes thoroughly vetting partners, clients, suppliers, and third parties. MarketParts will utilize screening tools and legal assessments to evaluate potential risks and ensure compliance with this Policy.
The following activities are strictly prohibited under this Policy:
Violations of this Policy will result in disciplinary actions, including but not limited to termination of employment or business relationships. Additionally, legal penalties may be imposed on both the individuals involved and MarketParts as an organization, which could include fines, trade restrictions, and loss of market access in critical regions.
Employees, contractors, or third-party associates who become aware of any potential violation of this Policy must report the issue to the compliance team immediately.
This Policy will be reviewed annually or more frequently if required by changes in the international sanctions regime. Updates to the Policy will be communicated promptly to all relevant parties, and any significant amendments will be reflected in the company's operational protocols.
All employees, contractors, and third-party associates of MarketParts MENA Hub W.L.L. must acknowledge and agree to comply with this Policy. Any exceptions to this Policy must receive prior written approval from the management or the Board and will only be granted if they are compliant with international and national laws.
For further details, please consult MarketParts' General Terms & Conditions or contact our compliance team.
August 2024