Asghar Fakhrieh Kashan underscored the importance of paving the path for Iran to join the FATF, noting that promises of Chinese investment in Iran, including an agreement to renovate Tehran’s dilapidated areas, have remained unfulfilled for years because of the issue.
He also said Iran’s failure to join the FATF has allowed Turkey to dominate the market for technical and engineering services, which costs Iran at least $25 billion annually.
The challenge has placed Iran on the blacklist, preventing other countries from engaging in financial cooperation. The private sector is hopeful for a resolution, viewing non-membership in the FATF as self-imposed sanctions.
Iraj Rahbar, head of the Tehran Province Mass Builders Association, revealed that Iran is the world’s second most capable country in this sector, but non-membership in the FATF has hindered its progress.
Rahbar questioned why Iran’s financial activities should remain hidden, suggesting that rejecting the FATF gives foreign policymakers a pretext to avoid financial cooperation.
Agreements for housing reconstruction in Syria post-war have also stalled due to sanctions and trade issues, he said.
Iran has recently announced it is reviewing the path for accession to the FATF conventions.