Thursday, February 29, 2024

FATF’s Blacklisting of Iran; Threat or Opportunity?

The Financial Action Task Force (FATF) has returned Iran to its blacklist because of Iran's non-compliance with the Palermo and the CFT Conventions. The move could create new and serious difficulties for Iran's financial relations that could be added to sanctions problems.

For this reason, the government believes that non-compliance with these conventions actually means a kind of self-imposing the sanctions.

Proponents of Iran’s membership at the FATF believe in a situation that Iran is fully prepared to deal with both organised crime (the Palermo Convention) and the financing of terrorism (the CFT Convention) and the country is the victim of the international drug traficking and terrorism, it should join these conventions and does not give international organisations an excuse to keep Iran in more troubles.

Opponents of Iran’s adherence to these conventions argue that, should this happen, we must disclose all financial information of the country, including military intelligence, assistance to liberation movements in the region, and so on, to international institutions overseen by US influence and this is against Iran’s national security.

However, Vice President for Legal Affairs Laya Joneydi denied the allegations in a televised statement saying that “These institutions should provide us with documentation, clues and traces of drug trafficking, banned goods, etc. and ask us to provide financial information about those groups or individuals. Otherwise, they will not immediately ask for any information and we will not give it for no reason.”

She says even Russia and China have warned that they will not cooperate with Iran if the country is blacklisted.

Now, it seems, the country’s authorities can turn the threat of “blacklisting Iran” to opportunity and keep the country adhered to the conventions against money laundering and terrorism.

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