• Sat / 22 June 2019 / 13:04
  • Category: Politics
  • News Code: 98040100328
  • Journalist : 71477

FATF extends suspension of counter-measures against Iran

FATF

Tehran (ISNA) - The Financial Action Task Force (FATF) extended the suspension of counter-measures against Iran, according to a statement released by the financial watchdog on June 21.

The FATF decided at its meeting this week to continue the suspension of counter-measures against Iran.

The statement lauds Iran for the progress of its legislative efforts including the establishment of a cash declaration regime in 2017, enactment of amendments to its Counter-Terrorist Financing Act in 2018, and enactment of amendments to its Anti-Money Laundering Act in 2019.

The global watchdog, however, has called on Iran to ratify bills on the Palermo and Terrorist Financing Conventions, which have passed Parliament, but are not yet in force.

“Once the remaining legislation comes fully into force, the FATF will review this alongside the enacted legislation to determine whether the measures contained therein address Iran’s Action Plan, in line with the FATF standards,” the statement notes.

“If by October 2019, Iran does not enact the Palermo and Terrorist Financing Conventions in line with the FATF Standards, then the FATF will require introducing enhanced relevant reporting mechanisms or systematic reporting of financial transactions; and increased external audit requirements for financial groups with respect to any of their branches and subsidiaries located in Iran. The FATF also expects Iran to continue to progress with enabling regulations and other amendments,” the statement adds.

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