FATF

  • Iran Postpones Key Bank Reforms Over Fate of the Iran Deal

    A priority for those in Iran seeking re-integration into the international economy has been banking reforms that conform to globally accepted standards.

    But hardline factions oppose the reforms as surrender to US-led financial institutions and their views have been reinforced by the US decision to unilaterally leave the Iran nuclear deal.

    On June 10, the parliament postponed for at least two months approval of key legislation establishing safeguards against financing terrorism and money laundering required for Iran to join the Financial Action Task Force (FATF), a Paris-based international financial watchdog institution. This decision could have a negative impact at the next FATF plenary June 24-29 where members will decide whether to keep Iran on a “gray list” of transgressors or put it back on a “black list” with North Korea.

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