Falling under FATF black list to limit Iran's official operations
Iran's financial operations are to face limitations, if the FATF-related bills aren't approved before the deadline, said Iran's Deputy Minister of Economy, Mohammad Ali Dehghan, Trend reports via ILNA.
He added that the issue with FATF has created concerns in the markets, however it, so far, has no real effect.
"Meanwhile, the the fluctuation of foreign currency does affect markets," Dehghan said.
"The Central Bank of Iran's target is to create stability in the foreign currency market and even drive down the prices," he said.
He went on to say that it seems the FATF-related regulations at Iran's Expediency Council weren't agreed upon.
"If the bill is rejected, Iran will be put on FATF's black list, and this would trigger other countries to apply counter measures, which in turn will limit Iran's official activities," Dehghan said.
"Meanwhile it's unlikely that the deadline will be extended and Iran would no longer have opportunity to return to previous position," he said.
The UN conventions against money laundering and funding terrorism final deadline to comply with international norms is February 2020 after which it would urge all its members to apply counter-measures.
France, Great Britain and Germany have tied Iran’s compliance and removal from the FATF blacklist to a new channel for non-USD trade with Iran designed to avert U.S. sanctions.