Iran announces first action plan against money laundering financing terrorism

Iran announces first action plan against money laundering, financing terrorism

TEHRAN- The First Action Plan of the Islamic Republic of Iran against money laundering and financing terrorism has been announced by the country’s Financial Intelligence Unit (FIU).

This plan was developed in compliance with Article 4 of the Executive Regulations for Article 14, Supplementary to the Money Laundering Act, for the Iranian calendar years 1403-1406 (March 2024-March 2027). It is based on the National Risk Assessment Document.

The plan was formulated by reviewing documents from credible international organizations, studying comparative experiences of leading countries, utilizing available expert resources, and incorporating feedback from relevant institutions.

Hadi Khani, the head of the Financial Intelligence Unit, emphasized the plan's significant role in improving Iran's monetary and financial system's reputation both domestically and internationally.

According to Khani, relevant institutions and individuals are required to follow the guidelines and submit reports along with necessary documentation to the Financial Intelligence Unit. A dedicated "Action Plan Management and Control System" has been launched to facilitate the receipt of these reports.

The action plan consists of an implementation guideline and 16 chapters. Each chapter elaborates on the roles and responsibilities of various organizations like the judiciary, ministries, and other entities in combating money laundering and terrorism financing.

This plan highlights a comprehensive approach tailored to combat the risks associated with money laundering and terrorism financing. It outlines a variety of tasks and responsibilities aimed at: Reforming existing laws and regulations, Establishing new legal frameworks, Ensuring effective implementation of legal duties, Conducting education, outreach, and cultural initiatives, Enhancing management and resource allocation, Strengthening domestic interactions and cooperation, Expanding international collaborations, Developing system infrastructure, embracing smart technologies, and creating or enhancing statistical databases.

In the final section of this announcement, the head of the Financial Intelligence Unit stresses the importance of monitoring the progress and implementation of the action plan. He highlights that, as per Article 6 of the Executive Regulations for Article 14 of the Anti-Money Laundering Law, the level of progress and implementation will be reported to the heads of the three branches as well as the office of the Leader. Any potential negligence or failure in execution will be pursued through appropriate means to ensure proper accountability.

MA

source: tehrantimes.com