Iran’s Central Bank chief proposes FATF-like institution for BRICS

In a forward-looking proposal, Governor of the Central Bank of Iran Mohammad Reza Farzin suggested the establishment of an institution akin to the Financial Action Task Force (FATF) among BRICS nations.

Farzin made the comments during the Russian Financial Congress in Moscow, highlighting Iran’s significant economic achievements and regulatory advancements.

He emphasized that Iran is fully compliant with all international anti-money laundering (AML) regulations. “All AML regulations in Iran are now in strict accordance with international standards,” he stated, reflecting Iran’s commitment to maintaining a transparent and secure financial system.

He noted that such an initiative would provide an excellent opportunity to enhance banking cooperation among member countries, fostering greater financial integration and collaboration.

Farzin announced that Iran achieved a 5% economic growth rate in 2023, the highest among regional countries, placing Iran within the top ten globally for economic growth that year.

He noted: “Iran has made substantial progress in curbing inflation, reducing the rate from 59% to 23% within the same year. This significant decrease demonstrates the effectiveness of the country’s monetary policies and economic reforms.”

Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates are member states of BRICS.

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