Iran’s cooperation with FATF to strengthen its financial system: Pak economist

Islamabad, Oct 3, IRNA - Former finance minister of Pakistan and senior economist strongly believes that Iran’s cooperation with the Financial Action Task Force (FATF) would strengthen financial system of the Islamic Republic of Iran.

In an interview with the Islamic Republic News Agency (IRNA) Dr. Salman Shah said FATF is a global financial system, kind of a monitor and it is also very important for Iran to join this organization so that their global financial commercial transactions can be facilitated.

He noted that financial system today is under scrutiny in the whole world and if there is some money laundering or terrorism financing in the financial system of anybody, then it cannot function on a global scale.

“I think economic development and economic prosperity of the people is the main focus of all countries in the world,” said the economist.

He added that to become part of global financial system we need to meet all the conventional requirements.

Dr. Salman Shah added every country in the world cooperates with the FATF, it is only the capacity of a government which may not be meeting all the conditionalities and in that case FATF provides support to these countries to upgrade their financial systems.

The former minister added,'To me it is not really a geo political issue; it is more an economic issue, and I think we should look at it from that point of view.'

“No, I don’t think if a country doesn’t join FATF, it could lead to its economic isolation provided as long as your financial system meets the requirements of the global system,” he viewed.

The economist expressing his views said that becoming a member of the FATF does send a good strong signal that you intend to fix your issues in the financial system if there are.

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