(MENAFN- Trend News Agency)
BAKU, Azerbaijan, September 17. Iran's refusal
to join the financial Action Task Force (FATF) is detrimental to
the country, the Iranian expert Farshid Bagherian told Trend.
According to him, refusal to join FATF has resulted in Iran
selling its products, mainly crude oil, at low prices and
purchasing products at high prices.
Bagherian added that Iran exports its products through an
intermediary and imports products via an intermediary.
“This means that Iran is wasting its national wealth by selling
it several times cheaper, and at the same time it has to spend more
funds to import products,” he said.
The Iranian expert noted that based on this, Iran should
approach FATF and try to remove obstacles to entry.
The Financial Action Task Force (FATF) of the Organization for
Economic Cooperation and Development is an intergovernmental body
that regulates rules against money laundering and financing of
terrorism. At the last meeting of this organization, Iran was
warned that if Iran's program of steps is not improved, Iran may be
added to the list of non-cooperating countries. Iran has complied
with 37 out of 41 FATF steps.
The remaining four steps or conventions fall under the area of
legislation.“Amendments to the Law on Combating Money Laundering”,
'Amendments to the Law on Combating the Financing of Terrorism',
”Accession to the International Convention on Combating
Transnational Organized Crime (Palermo), and Accession to the
International Convention on Combating the Financing of Terrorism
(CFT) have been drafted by the Iranian government and sent to the
parliament. Although the four conventions have been approved by the
parliament and sent to the Advisory Council, the CFT conventions
and the Palermo Convention have not yet been approved by the
mentioned council.
FATF was established in 1989 on the initiative of the G7 group
to combat money laundering. The organization has 37 members and its
secretariat is located in Paris.
Iran has been on the FATF blacklist since 2007, and since 2009,
retaliatory measures have been officially applied against Tehran.
Therefore, countries had to be cautious in their financial and
banking transactions with Iran. Since 2016, the implementation of
diplomatic measures against Iran has been postponed.
To note, the financial group FATF added Iran to the list of
non-cooperative countries (blacklist) on February 21, 2020.
MENAFN17092024000187011040ID1108681767
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.