FATF Holds Potential To Address Numerous Issues In Iran - Minister
Date
12/2/2024 5:21:23 AM
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, December 2. The solution to
the FATF problem in Iran can solve many problems of the country,
Iran's Minister of Economy and Finance Abdolnaser Hemmati told
reporters, Trend reports.
According to him, the adoption of BFT and the Palermo Convention
in the country will not lead to Iran's withdrawal from FATF.
Hemmati said a lot of efforts should be made to remove Iran from
the FATF blacklist. The fact that Iran is on the FATF blacklist
poses a lot of problems.
The financial Action Task Force (FATF) of the Organization for
Economic Cooperation and Development is an intergovernmental body
that regulates the rules for combating money laundering and
terrorist financing. At the last meeting of this organization, Iran
was warned that if the country's program of steps is not improved,
Iran may be added to the list of non-cooperative countries. Iran
has complied with 37 out of 41 FATF steps.
The remaining four steps or conventions fall under the scope of
the 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 were 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.
The FATF was founded in 1989 at the behest of the G7 group to
address money laundering. The organization comprises 37 members,
with its administration situated in Paris.
Since 2007, Iran has been designated as a high-risk jurisdiction by
the FATF, with formal sanctions enacted on Tehran in 2009.
Consequently, nations needed to exercise prudence in financial and
banking transactions with Iran. Since 2016, diplomatic initiatives
have postponed the implementation of retaliatory actions on
Iran.
The Financial Action Task Force (FATF) designated Iran as a
non-cooperative country (blacklist) on February 21, 2020.
MENAFN02122024000187011040ID1108945701
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.