IFP Coverage

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.

IFP Editorial Staff

The IFP Editorial Staff is composed of dozens of skilled journalists, news-writers, and analysts whose works are edited and published by experienced editors specialized in Iran News. The editor of each IFP Service is responsible for the report published by the Iran Front Page (IFP) news website, and can be contacted through the ways mentioned in the "IFP Editorial Staff" section.

Recent Posts

Iranian MP calls for Tehran to leave NPT

A senior Iranian MP has called for Iran to leave the NPT amid tension between…

1 hour ago

Russian president announces mass production of Oreshnik missiles

Russian President Vladimir Putin has confirmed the decision to begin serial production of the new…

1 hour ago

China-Iran relations strengthen amid global changes: Chinese ambassador

Chinese Ambassador to Iran, Cong Peiwu, has reaffirmed China's unwavering commitment to strengthening friendly cooperation…

3 hours ago

At least six Israeli soldiers commit suicide, thousands more get mental health treatment amid war: Report

At least six Israeli soldiers have taken their own lives in recent months, the Israeli…

4 hours ago

Britain suggests would comply with ICC warrant and arrest Israeli PM

The British government has announced it will comply with its obligations under domestic and international…

5 hours ago

12% of deaths in Iran attributed to air pollution, study reveals

Air pollution is currently the most significant environmental health risk in Iran, accounting for 12%…

5 hours ago