Iranian Ministry Denies Report of Decision on Joining FATF
TEHRAN (Tasnim) – The Ministry of Economic Affairs and Finance of Iran dismissed reports that high-ranking Iranian authorities have been informed of its decision about the country’s accession to the Paris-based Financial Action Task Force (FATF).
Following media speculation about Iran’s membership in the FATF, the Economy Ministry announced in a statement on Thursday that its view about that mechanism has not been conveyed to the high-ranking authorities so far.
The ministry also noted that only when the views of the organizations in charge are expressed and the high-profile bodies come to a conclusion about the issue will the final decision about joining FATF be made.
The FATF has kept Iran on its blacklist for what it calls failing to comply with international anti-terrorism financing norms.
In October 2019, Iran’s parliament approved four bills put forward by the government to meet standards set by the FATF.
Only two of them have so far gone into effect and the fate of the two others, one on Iran’s accession to the United Nations Convention against Transnational Organized Crime and the other one a bill amending Iran’s Combating the Financing of Terrorism (CFT) law, is still in limbo.
FATF’s proponents have said the measure would smooth the path for Iran’s increased financial transactions with the rest of the world and help remove the country from investment blacklists.
Opponents, however, say membership in the FATF will only make the country vulnerable to outside meddling.
They say Iran’s implementation of FATF standards so far has not only failed to attract investment, but it has also exposed various institutions to extraterritorial regulations and penalties.
The FATF cannot impose sanctions, but individual states that are its members have used the group's reports to take punitive measures against their adversaries. As a result, Iran has been targeted by US and European sanctions.
Iran has already been implementing a domestic anti-money laundering law as part of its efforts toward financial transparency. Additionally, it has long been combating terror financing.
