Iran bans putting financial restrictions on sanctioned entities
Baku, Azerbaijan, Sept. 5
By Farhad Daneshvar – Trend:
Iran’s Central Bank has prohibited local banks to impose restrictions in offering financial services to individuals and entities citing international sanctions.
Iran's Central Bank Chief Valiollah Seif has announced that the country’s banks should only consider the Islamic Republic’s law and their own banking and commercial regulations in offering financial services to clients, the official website of Central Bank of Iran reported.
Imposing restrictions in provision of Iranian individuals and institutions with services citing sanctions introduced by the US, the EU and other states as well as international bodies is not related to the Joint Comprehensive Plan of Action (JCPOA/ nuclear deal), the announcement read.
The announcement came following recent reports on a decision by two Iranian banks to refrain from providing a company affiliated with the Islamic Revolution Guards Corps (IRGC) with financial services citing international sanctions.
Earlier on June 24, the Financial Action Task Force (FATF) announced its decision to suspend counter-measures against Iran for 12 months in order to monitor the country’s progress in implementing an Action Plan to address Tehran’s strategic deficiencies regarding anti-money laundering and combating the financing of terrorism (AML/CFT).