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Iranian medicine importers awaiting approval of FATF related conventions

Finance Materials 8 March 2021 13:23 (UTC +04:00)
Iranian medicine importers awaiting approval of FATF related conventions

BAKU, Azerbaijan, March. 8

Trend:

Over $300 million has been allocated for the purchase of medicine from China and India, but it seems the banking obstacles won’t be resolved due to the banking sanctions related to the FATF, the head of the Health Commission of the Tehran Chamber of Commerce said.

Referring to the import of medicine and medical equipment in exchange for the Iranian blocked money in South Korea, Mohammad Najafi Arab says that part of Iran's resources will be released by South Korea, but Iran usually does not import medicine from this country, Trend reports citing ILNA.

He went on to say that if the Iranian blocked money will be released through Switzerland's Humanitarian Aid mechanism known as SHT, we can import medicine for that country.

Pointing to the role of the private sector in the import of the Covid-19 vaccine, he said that a company has been allowed to import coronavirus vaccine, which is also affiliated with state-owned companies.

"The main issue in importing of medicine and even raw materials is rooted in the money transactions through the banking system. In fact, we do not have a ban on the import of medicine or raw materials," he said.

Najafi Arab stated that over $ 300 million has been allocated to the purchase of medicine from China and India, but we have a money transferring issue.

Blacklisting by the FATF carries wide-ranging economic repercussions that afflict Iran’s domestic and international banking transactions.

Following the rejection of two related FATF bills, the global anti-money laundering watchdog lifted the suspension of counter-measures on Iran in February 2020 and called on its members and all jurisdictions to apply effective counter-measures against the country.

Earlier in December, the Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei approved a government request to extend the deadline for discussions on the two remaining bills mandated by the global anti-money laundering body.

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