Sunday, October 2, 2022

Iran Chamber of Commerce Says Tehran Must Join FATF

Iran’s Chamber of Commerce has urged the Rouhani administration to join the Financial Action Task Force (FATF), an international body which develops policies to combat money laundering.

In a statement unanimously approved by its members, the Chamber of Commerce has warned that refusing to join the FATF may lead to significant decrease in financial transactions with Iran.

Therefore, the statement added, the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) wants the country to join the FATF.

“Failure to follow the recommendations of this working group and, as a result, the FATF’s approach towards a non-cooperating country, can put that state in financial isolation,” reads part of this statement.

Iran was first listed in 2009 as the countries that FATF expressed concern about. Since then, Iran has been introduced as a country posing threats in the years 2013-2016.

The FATF has given Tehran until October to adopt the reforms or face penalties that could make investors even more unwilling to do business in Iran.

The government has already proposed bills that, if approved, can help the country get out of the FATF’s blacklist. However, the Parliament, the Guardian Council, and the Expediency Council are still working on the bills amid concerns they might be unconstitutional and harmful to the country’s national interests.

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