Dec 25, 2019, 3:26 PM
Journalist ID: 1842
News Code: 83608330
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Non-accession to FATF obstacle to INSTEX: Iran-UK Chamber of Commerce

Tehran, Dec 25, IRNA – Chairman of British-Iranian Chamber of Commerce Lord Norman Lamont said on Wednesday that being put on the black list of the Financial Action Task Force (FATF) will make it more difficult for the Instrument in Support of Trade Exchanges (INSTEX) to work with Iran.

"As someone who wants to encourage trade between Iran and Europe, I strongly hope that the Majlis [Iranian Parliament] and the Iranian Government will ratify all the required provisions of FATF," said Lord Norman Lamont. 

He said that Iran will not help itself if it cuts itself off from the world's banking system, adding, "There can’t be trade without banking, and the vast majority of the world's banks will refuse to do business with Iran if it is blacklisted by FATF."

Lord Lamont said that he appreciates national resolve of Iranians "about how it has been treated by the United States and I sympathize with them," adding that but to refer to the US sanctions as an excuse not to ratify FATF would be a mistake and make it even more difficult for INSTEX to develop trade with Iran.

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 that works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.

The FATF has so far given Iran six times the opportunity to fully join the FATF and, on October 18, announced a last-time 4-month deadline to finalize and approve the bills. The final decision about the issue is on Expediency Council, which is an Arbitral body to resolve disputes or conflicts between the Majlis and the Guardian Council that reviews and approves the legislation passed by Majlis to take force as law.

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