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Iran`s return to FATF blacklist restricts its exports

Business Materials 27 October 2020 08:57 (UTC +04:00)
Iran`s return to FATF blacklist restricts its exports

TEHRAN, Iran, Oct. 26

Trend:

An Iranian economic expert believes that when Iran does not accept the FATF related rules, its exporters have to exchange their export currency earned via luggage instead of the banking system.

"The FATF related rules are is simply the methods of monetary transparency and money transfers. In financial exchanges, the origin and destination of money must be clear, and member states must be obliged to all the relevant regulations,” Iranian economic expert and University teacher Morteza Sameti said, Trend reports citing ILNA.

"Since some of Iran's financial transfers are not transparent in terms of FATF rules, Iran will not oblige to such regulations,” he claimed.

The economic expert went on to say that Iran cannot import medicine today due to the non-ratification of the FATF related rules.

Saying that one of the reasons for blocking Iranian money in by some countries is the non-acceptance of the FATF related rules, Sameti said that “Of course, countries like Iraq use this opportunity as an excuse."

The Financial Action Task Force, or FATF, held its general assembly from Wednesday to Friday and decided to keep North Korea and Iran on its blacklist, representing the toughest sanctions on non-cooperative countries regarding money laundering and terrorism funding.

According to the Associated Press and Reuters, FATF President Marcus Pleyer said the two countries remain on the blacklist with their status unchanged.

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