AML/CFT bill initial solution to fighting corruption: Iran official

Business Materials 30 November 2018 15:26 (UTC +04:00)

Tehran, Iran, Nov. 30


An Iranian official has announced the importance of approving the anti-money laundering and countering the financing of terrorism (AML/CFT) bill, a standard set by Financial Action Task Force (FATF), for reducing corruption in Iran.

“Fighting corruption requires a serious will, a part of which is to join the international protocols,” Secretary General of Iranian Institutional Investors Association Saeed Eslami Bidgoli told ILNA.

Iran’s parliament approved the AML/CFT bill, however, the Guardian Council rejected it and sent it back to the legislators for further review.

“Unfortunately, Iran’s economy is in an unclear atmosphere, where powerful organizations play a huge role, which has resulted in the ineffectiveness of the system,” Bidgoli added. “When an issue remains the same for a long term, all the economic activists get used to it and the corruption links in the country get strengthened.”

Earlier, the remarks by Iranian Foreign Minister Javad Zarif over the existence of money laundering and corruption in the country have led to criticism among conservative lawmakers.

“This situation has its own winners and losers, and maybe we even get profit from it, therefore we do not resist the obstruction of corruption circles,” Bidgoli said.

“The government’s exit from business, the tightening of the law, and the reform of the judicial structure are the primary ways to reduce corruption in the country,” he said referring to initial strategies for combating corruption.