Nov 4, 2018, 11:51 AM
News Code: 83088339
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Guardian Council rejects CFT bill

Tehran, Nov 4, IRNA – The Guardian Council has rejected the bill on joining of Iran to the Combating the Financing of Terrorism (CFT) convention.

CFT bill is against the religious law, the Constitution and is ambiguous, the Guardian Council spokesman Abbas Ali Kadkhodaie said in a Twitter message on Sunday.

The CFT bill is one of the four FATF bills which include reforms in the money-laundering rules, change in the funding terrorism law and the joining of the country to the Palermo Convention.

On October 7, the Iranian lawmakers voted 143 in favor of the CFT bill, approved it and then sent it to the Guardian Council.

Guardian Council is an important body in Iran and one of its key duties is to ensure the compatibility of the legislation passed by the Iranian parliament with the criteria of Islam and the Constitution.

Financial Action Task Force (FATF) introduces itself as an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions. The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. The FATF is therefore a “policy-making body” which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.

In its recent session, FATF gave four months as another chance to Iran to make changes in its financial activities as the country has already been transparent in its related commitments.

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