After Pakistan, FATF Paris Moot announces decision against Iran
ISLAMABAD - The Paris-based Financial Action Task Force (FATF) has given Iran a final deadline of February 2020 to tighten its rules against money laundering in compliance with the global watchdog’s financial standards.
“If before February 2020, Iran does not enact the Palermo and Terrorist Financing Conventions in line with the FATF Standards, then the FATF will fully lift the suspension of counter-measures and call on its members and urge all jurisdictions to apply effective counter-measures, in line with recommendation 19,” the FATF said in a statement on Friday.
It expressed “disappointment” that Iran has so far failed to adopt the FATF standards, saying that Tehran is expected to “proceed swiftly in the reform path to ensure that it addresses all of the remaining items by completing and implementing the necessary Anti-Money Laundering and Counter-Terrorist Financing reforms.”
The watchdog had earlier extended the suspension of its counter-measures several times as Iran’s legislature was engaged in passing the relevant bills.