Iranian expert: without FATF, we have no place in global financial system

(MENAFN- Trend News Agency) TEHRAN, Iran, Jan.2

Trend:

Iran would remain connected to international trade by accession to the Financial Action Task Force (FATF), Vice President of Iran-China Chamber of Commerce Majid Reza Hariri told Trend.

"The issue with FATF is of economic, banking nature. However in our country this has turned into a security and political issue," Hariri said.

He said that once Iran considers its national interests, along with political, trade and security issues, it will make a decision.

"Even if the sanctions are lifted, in terms of international trade without FATF - we cannot be active," Hariri said.

"As a businessman, I can say that without FATF, we have no place in global financial system, so we need to decide if we want to be there or not," he said.

The FATF was established in 1989 on the initiative of the G7 Group to combat money laundering. FATF has 37 members and its secretariat is in Paris.

The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.

During the recent FATF meeting, Iran has been warned that it may be added to the list of non-cooperative countries within the next three months if it does not completely fulfill the FATF requirements. Iran fulfilled 37 of 41 FATF requirements. The remaining four requirements refer to the legislative field.

Although four conventions have been approved and sent to the Expediency Board, the CFT and Palermo conventions have not yet been ratified by the Board.

Iran was included in the FATF blacklist in 2007.

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