ISLAMABAD – In a setback, Financial Action Task Force FATF placed leadingIslamic country on terrorism blacklist.
FATF placed Iran on its blacklist for “failing to comply with internationalanti-terrorism financing norms”.
The decision comes after more than three years of warningslink from the Paris-based Financial ActionTask Force (FATF) urging Tehran to enact terrorist financing conventions.
However, the FATF appeared to leave the door ajar for Iran, saying“countries should also be able to apply countermeasures independently ofany call by the FATF to do so”.
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It will mean more scrutiny of transactions with Iran, tougher externalauditing of financing firms operating in the country and add pressure onthe few banks and businesses still operating with Iran.
