Finance

Having a great business idea and actually turning the concept you have worked hard on into reality will certainly open new opportunities for you, and bring you the professional fulfillment you might have been seeking. Despite all the excitement involved, and the chance you are getting to be part of the business world, you also need to be prepared for the various challenges that you will encounter.

Governor of Central Bank of Iran (CBI) Abdolnasser Hemmati announced late on Friday that the mechanism proportionate to the channel introduced by the three European states will soon be registered in Tehran.

The head of Europe's Instrument in Support of Trade Exchanges (INSTEX) with Iran is in Tehran to discuss how to put the special mechanism into force.

Iranian Foreign Ministry Spokesman Bahram Qassemi says adoption of the standards set by the Financial Action Task Force (FATF) is not expected to remove all economic problems of Iran but failing to adopt them will hamper the country’s trade exchange with the outside world.

If the Islamic Republic is to continue its trade exchanges with the outside world amid the harsh sanctions imposed on the country, it needs some specific work tools, one of which is the Financial Action Task Force (FATF), says Hossein Gharibi, an assistant to Iran’s foreign minister.

Iran's Guardian Council Spokesman Abbas Kadkhodaei says the council is not afraid of any referendum on Iran’s adoption of Palermo Convention and the Convention against Financing of Terrorism (CFT).

There are indications that Europe does not really intend to ease the pressure of Washington’s sanctions on Iran despite establishing a special purpose vehicle named INSTEX, a conservative Iranian daily has argued.

Iran’s nuclear chief says the Financial Action Task Force’s extension of its anti-Iran measures shows the global anti-money laundering body doesn’t want to create a “deadlock” in its relations with Iran.

The global anti-money laundering body, the Financial Action Task Force (FATF), on Friday gave Iran until June to come into compliance with anti-terror financial measures or said it will face tougher financial oversight.

The Iranian president's chief of staff has rejected rumours that this week’s hike in the value of foreign currencies in Iranian markets was planned by the government as part of efforts to meet FATF guidelines, saying the government would not “play games” with people’s livelihood.

The German ambassador to Tehran has denied the allegation that the European Union has set conditions for implementing its special purpose vehicle for trade with Iran, but at the same time noted that European banks would not work with Tehran if the country fails to adopt the FATF standards.

Iran’s Expediency Council was once failed to reach a consensus over a parliamentary bill on Iran’s accession to the United Nations Convention against Transnational Organized Crime, as members have postponed voting on the FATF-related bill.

They say every dream begins with a dreamer. But dreams cannot be realized through miracles and magic. They take hard work, determination, and lots of sweat. This is the current state of Iran. What started as a dream in the summer of 2018 seems to have become a reality as the country just unveiled a state-backed cryptocurrency.

Last week’s announcement by European powers that they are to launch a financial mechanism for Iran-EU trade would not affect Iran’s approach on joining the Financial Action Task Force (FATF), two Iranian officials said.

The European Union has announced a long overdue special mechanism, called INSTEX (Instrument for Supporting Trade Exchanges), aimed at facilitating trade with the Islamic Republic of Iran in the face of the US sanctions.

An Iranian lawmaker says the EU decision to launch a special financial mechanism to keep trade ties with Iran despite US sanctions was not made in a good-faith gesture.

The governor of Iran’s Central Bank says the US’ plan to organize an anti-Iran conference in Warsaw signals Washington’s frustration with its previous anti-Iran plots.

The spokesman for Iran’s Foreign Ministry has cautioned the European Union it should be quick to take measures to salvage the 2015 nuclear deal, since Iran is running out of patience with Europeans due to their failure to fulfill pledges to compensate for the US withdrawal.

A new banknote unveiled by Iran’s CBI on Tuesday has fueled rumours the government is preparing to remove four zeros from the Iranian currency, rial.

Israel’s accession to the global anti-money laundering makes it more difficult for Iran to join the Financial Action Task Force, an Iranian media outlet said, arguing for quicker approval of parliamentary legislations required for Iran getting out of the body’s black list.

The International Organization of Securities Commissions has promoted the membership status of Iran’s Securities and Exchange Organization.

The Iranian rial continued its upward spiral on Saturday, pushing more and more of ordinary people to sell the US dollars they had purchased to prevent their money from losing its value.

Iranian president says without adoption of the standards set by the Financial Action Task Force (FATF) and cooperation with foreign banks, chances will be lost and it will be 20% more costly to resolve the country’s economic problems.

Mohammad Baqer Nobakht, head of Iran’s Budget and Planning Organization, says the budget bill for the next Iranian calendar year that begins on 21 March 2019 has been submitted to the Parliament.

Iranian lawmakers have approved an amendment to a bill on Iran’s accession to the Combating the Financing of Terrorism (CFT) convention, which was earlier rejected by the Guardian Council.