Financial nonprofit institutions required to enforce law against money laundering

Tehran, Sept 25, IRNA - Iran's parliamentarians amended the bill on the amendment of the anti-money laundering law to meet Guardian Council's demands, requiring financial institutions to enforce this law and the law to combat terrorist financing.

Representatives of the parliament later today discussed the amendments to the bill on the revision of the anti-money laundering law reinstated by Guardian Council.

The members of the parliament amended and approved the bill, which had defective form and amendments, with 172 votes in favor, 20 against and 9 abstentions from 244 present MPs.

According to Article 5 of the bill approved by the parliament, all non-financial and non-profit business owners, as well as real and legal persons, including the Central Bank of the Islamic Republic of Iran, banks, financial and credit institutions, insurance, central insurers, lending funds, foundations and charities, municipalities, pension funds, non-governmental public institutions, credit cooperatives, currency exchanges, capital markets and other stock exchanges, brokerage firms, funds and investment companies as well as institutions that include in the law were required to enforce the law.

9455**2050

Follow us on Twitter @IrnaEnglish