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Iran currently implements 40 FATF clauses awaits revision of two remaining

· 2 min read

Iran currently implements 40 FATF clauses, awaits revision of two remaining​

TEHRAN – The Chairman of the Iranian Expediency Council has announced that 40 out of 42 FATF clauses are currently being implemented in the country, with only two requiring revisions.

Iran currently implements 40 FATF clauses, awaits revision of two remaining

During a meeting with economic activists from the private sector on Wednesday, Ayatollah Sadeq Amoli Larijani stated that despite the challenges posed by FATF and SWIFT sanctions, the majority of the FATF laws are in effect. 

SWIFT sanctions involve the exclusion or restriction of access to the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network, which is a messaging platform that enables international financial transactions among banks and various financial institutions globally.

Amoli Larijani explained that any remaining issues with parliamentary approvals regarding FATF compliance will be addressed through a process outlined by Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei. The Supreme Council of Supervision within the Iranian Expediency Council will oversee the implementation of FATF-related policies, ensuring they align with Iran's constitution and general policies. 

“Any discrepancies will be returned to the Guardian Council for parliamentary reconsideration,” he added. 

The Financial Action Task Force (FATF) is an international body founded in 1989 by the G7 nations to address issues related to money laundering, terrorist financing, and other threats that undermine the integrity of the global financial system. Currently, the FATF includes 37 member jurisdictions and 2 regional organizations, encompassing most of the world's major financial hubs.

Since 2016, the FATF has been collaborating with Iran to rectify shortcomings in its anti-money laundering and counter-terrorist financing measures. The successful implementation of these 40 recommendations is essential for Iran to achieve its objective of being removed from the FATF's list of “high-risk jurisdictions” and to enhance its access to the international financial system.

 

source: tehrantimes.com