Problems of Iran’s financial system have nothing to do with CFT - analyst

Business Materials 12 October 2018 13:42 (UTC +04:00)

Baku, Azerbaijan, Oct. 12

By Elnur Baghishov - Trend:

Iran’s economic problems won’t be solved by the approval of the Financial Action Task Force (FATF) project, Iranian economist Mahdi Pazooki said in an interview with ILNA.

Iran’s problems are related to economic governance and economic reforms, he said.

“We should respect these international rules in order to work with the global banking system,” he added.

He said that Combating the Financing of Terrorism (CFT) helps increase transparency of Iran’s financial and banking system for operation with the global system.

However, there is a problem in Iran’s financial system, he noted, adding that it has nothing to do with CFT, and that it needs to be corrected by proper management.

Therefore, it is wrong to expect the solution of Iran’s problems with the approval of this project, he said.

“CFT is one of the four FATF projects,” he noted. “This project reflects the fight against financial support of terrorism. Iran itself is one of the victims of terrorism.”

“Iran’s economic partners, such as Russia, China, Turkey and Iraq, adopted international rules and regulations,” he said. “Russia and China officially declared that those willing to work with them should accept FATF regulations. Therefore, the Iranian parliamentarians’ agreement with this project is a positive sign for Iran’s financial and banking system to be in contact with the global system.”

“The Iranian banking system is lagging behind the rest of the world, and some dirty money enters the country,” he added. “If we want to fight corruption, the FATF rules will help us in that direction.”