Monday, October 3, 2022

FATF Extends Suspension of Financial Restrictions on Iran

The world’s anti-money laundering body, known as FATF, has extended the suspension of its restrictions on Iran, lauding the Islamic Republic’s commitment to implement measures to address shortcomings in its anti-money laundering policies.

The Financial Action Task Force (FATF) says due to the steps taken by Iran, it has decided to extend the suspension of its restrictions against the Islamic Republic.

“In light of Iran’s demonstration of its political commitment and the relevant steps it has taken in line with its Action Plan, the FATF has decided to continue the suspension of counter-measures,” FATF said in a press release on Friday.

The body has added that it will keep monitoring progress in the implementation of the Action Plan and consider next steps.

Elsewhere in the press release, which was published following the FATF’s plenary week from 18-23 June in Spain’s Valencia, the organization said that Iran will remain on the FATF Public Statement until the full Action Plan has been completed.

“The FATF urges Iran to fully address its AML/CFT deficiencies,” the statement went on to say.

The anti-money Laundering organization has stressed that it will continue to engage with Iran and has called on its members to continue their business with the Islamic Republic.

“The FATF, therefore, calls on its members and urges all jurisdictions to continue to advise their financial institutions to apply enhanced due diligence to business relationships and transactions with natural and legal persons from Iran, consistent with FATF Recommendation 19,” the statement reads.

Despite the call by US radical circles to US President Donald Trump to block the decision, Washington joined consensus and acknowledged Iran’s effective measures.

Experts believe that the decision by the EU, US and major global economies ensures the expansion of banking and financial relations with Iran as provided by the Joint Comprehensive Plan of Action (JCPOA).

In June 2016, the FATF welcomed Tehran’s measures to upgrade its status saying that active countermeasures against the country would be suspended. It also gave Tehran one year to improve aspects of its anti-money laundering program.

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