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FATF suspends counter-measures against Iran for another period

Business Materials 19 October 2018 15:56
The Financial Action Task Force (FATF) has suspended counter-measures against Iran until February 2019.
FATF suspends counter-measures against Iran for another period

Tehran, Iran, Oct. 19

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The Financial Action Task Force (FATF) has suspended counter-measures against Iran until February 2019, Tasnim news agency reported on October 19.

"The Financial Action Task Force decided at its meeting this week to continue the suspension of counter-measures," it said in a statement read out on Friday during a press briefing in Paris.

"However, the FATF expresses its disappointment that the majority of the Action Plan remains outstanding and expects Iran to proceed swiftly in the reform path."

On October 7, Iranian lawmakers approved a bill on the country’s accession to Combating the Financing of Terrorism (CFT) standards set by the FATF.

On June 30, the FATF said Iran had until October to complete reforms that would “bring it into line with global norms or face consequences” that could further deter investors from the country.

To fulfill the FATF requirements, President Hassan Rouhani’s administration has proposed four bills to the parliament for approval, two of which are still undecided, including the Palermo Convention.

On June 10, the Iranian parliament passed a law allowing the country to join the United Nations Convention against Transnational Organized Crime (UNTOC), but decided to put on hold debates on Iran’s accession to the Financial Action Task Force (FATF) for two months.

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