FATF Recommendation 7 requires countries to implement targeted financial sanctions to prevent proliferation of weapons of mass destructions (WMD) and their financing in compliance with UN Security Council resolutions.
UN Security Council Resolution 2231-- adopted in 2015 to implement the Iran nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA) -- terminated previous UN resolutions on Iran (1373, 1747, 1803, and 1929) but introduced restrictive measures, including targeted financial sanctions.
The resolution's provisions would be applicable to Iran based on one of either two conditions: up to eight years after the approval of the JCPOA and upon the International Atomic Energy Agency's (IAEA) verification.
Given the JCPOA's approval date of October 18, 2015, the first condition applies to the Islamic Republic.
Iran received a note from the UN Security Council Secretariat on October 19, which declared an end to restrictions the council had imposed on Iran’s missile program.
The FATF is a non-binding regulatory institution formed by the United States and its Western allies, supposedly to counter terrorism financing and safeguard the integrity of the international financial system.
Critics, however, say the organization reflects the interests of powerful countries seeking to impose preferences on other jurisdictions, and depends on funds from Western governments.
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