Zarif: not joining FATF will create problems

Iran Materials 19 March 2019 15:20 (UTC +04:00)

Baku, Azerbaijan, Mar. 19

By Elnur Baghishov – Trend:

Joining the FATF conventions does not go against Iran's national interests – quite on the contrary, as not joining the FATF will create problems, Iranian Foreign Minister Mohammad Javad Zarif told ILNA, Trend reports.

According to Zarif, the Iranian government and the Foreign Ministry consider it beneficial for Iran's national interests to join Palermo and CFT, the two Conventions of the FATF.

Zarif added that these two conventions do not disclose sensitive information on the financial sector of the country.

"On the contrary, not joining these two conventions will result in ending up in the FATF’s blacklist," he said.

In this case, the Iranian Foreign Minister added, foreign banks will be more careful in their banking relations with Iran and will demand additional information for no reason.

Commenting on the expiration of the 6-month period given to 8 countries' exempt from the US sanctions set against economic relations with Iran, Zarif said that Iran used all available channels to continue its economic relations during the past months, and will continue this path in the future. Iran's exports are currently much higher than the limits set by the US.

Commenting on the visit of the head of INSTEX to Tehran, the Iranian minister expressed hope that this financial mechanism will help Iran's private sector, as well as its non-European trade relations.

The US imposed sanctions on Iran in November 2018, making exceptions for 8 countries to be able to continue purchasing oil from Iran for a period of 6 months.

FATF (Financial Action Task Force) is an intergovernmental organization that enforces international standards for combating money and property laundering, financing terrorism and the proliferation of weapons of mass destruction. Two of its four conventions have been approved by Iran’s Advisory Council and discussions on the remaining two Conventions (CFT and Palermo) are underway.