ISLAMABAD – The Paris-based Financial Action Task Force (FATF) has givenIran a final deadline of February 2020 to tighten its rules against moneylaundering in compliance with the global watchdog’s financial standards.
“If before February 2020, Iran does not enact the Palermo and TerroristFinancing Conventions in line with the FATF Standards, then the FATF willfully lift the suspension of counter-measures and call on its members andurge all jurisdictions to apply effective counter-measures, in line withrecommendation 19,” the FATF said in a statement on Friday.
It expressed “disappointment” that Iran has so far failed to adopt the FATFstandards, saying that Tehran is expected to “proceed swiftly in the reformpath to ensure that it addresses all of the remaining items by completingand implementing the necessary Anti-Money Laundering and Counter-TerroristFinancing reforms.”
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The watchdog had earlier extended the suspension of its counter-measuresseveral times as Iran’s legislature was engaged in passing the relevantbills.
