FATF Suspends Counter-Measures against Iran for Another 4 Months

TEHRAN (Tasnim) – The Financial Action Task Force (FATF) said on Friday Iran had until February to complete reforms that would bring it into line with global norms or face consequences.

FATF Suspends Counter-Measures against Iran for Another 4 Months

"The Financial Action Task Force decided at its meeting this week to continue the suspension of counter-measures," it said in a statement on Friday, according to Reuters.

"However, the FATF expresses its disappointment that the majority of the Action Plan remains outstanding and expects Iran to proceed swiftly in the reform path,” it added.

On October 7, Iranian lawmakers approved a bill on the country’s accession to Combating the Financing of Terrorism (CFT) standards set by the FATF.

On June 30, FATF said Iran had until October to complete reforms that would “bring it into line with global norms or face consequences” that could further deter investors from the country.

To fulfill FATF requirements, President Hassan Rouhani’s administration has proposed four bills to the parliament for approval, two of which are still undecided, including the Palermo Convention.

On June 10, the Iranian parliament passed a law allowing the country to join the United Nations Convention against Transnational Organized Crime (UNTOC).

Iran’s parliament had in May adopted new amendments proposed by the government to the country’s Anti-Money Laundering (AML) law as part of efforts to improve connections to the international banking and trade system.

Despite the parliament approval, the bills were not still obligatory, because it had to be endorsed by Iran’s Guardian Council. The Guardian Council had found faults with the bills and sent them back to the legislature for reconsideration.

They have been referred to the Expediency Council for the final approval.

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