Jun 24, 2019, 3:01 PM
News Code: 83363540
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FATF extends suspension of Iran countermeasures until October

Tehran, June 24, IRNA -- The Financial Action Task Force (FATF) extended its suspension of anti-Iran measures until October 2019, it said in a statement.

The statement hailed Iran's measures to undertake legal reforms in line with fighting money laundering and countering financing terrorism, saying that given non-completion of legal process in enacting Palermo conventions, FATF can only focus on laws which have been approved fully.

Noting that FATF in its meeting this week decided to extend suspension of countermeasures against Iran, the statement said that the group urges members to exert further surveillance measures on Iran's financial institutes.

Appreciating Iran for advances made in approving anti-money laundering law, it deplored Action Plan, adding that FATF expects Iran to take actions on reforms to pave the way for implementing remaining cases through completing and fulfilling necessary reforms on anti-money laundering and countering financing terrorism.

The group also warned that if Iran fails to approve Palermo and countering financing terrorism bills until October 2019, it will make advanced mechanism for reporting financial transactions mandatory.  

It will also necessitate tough auditing processes for the financial groups trading with Iran.

FATF enlisted cases Iran not dealt with them including lack of necessary measures for criminalization of financing terrorism, identifying and seizing properties of terrorists in compliance with UN Security Council resolutions.

FATF is an intergovernmental organization founded in 1989 on the initiative of the G7 to develop policies to combat money laundering.

In 2001 its mandate expanded to include terrorism financing. It monitors progress in implementing the FATF Recommendations through "peer reviews" ("mutual evaluations") of member countries.


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