In a setback, FATF placed leading Islamic country on terrorism blacklist

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In a setback, FATF placed leading Islamic country on terrorism blacklist

ISLAMABAD - In a setback, Financial Action Task Force FATF placed leading Islamic country on terrorism blacklist.

FATF placed Iran on its blacklist for "failing to comply with international anti-terrorism financing norms".

The decision comes after more than three years of warnings link from the Paris-based Financial Action Task 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 of any call by the FATF to do so”.

It will mean more scrutiny of transactions with Iran, tougher external auditing of financing firms operating in the country and add pressure on the few banks and businesses still operating with Iran.