The Financial Action Task Force (FATF) has extended the suspension of its measures against Tehran, saying Iran has until June to fully adopt the remaining financial reforms.
Last October, the FATF had already given Iran until February to complete reforms that would bring it in line with global norms.
The FATF concluded this week at a meeting that “there are still items not completed” and said in a statement it “expects Iran to proceed swiftly in the reform path”.
“If by June 2019, Iran does not enact the remaining legislation in line with FATF Standards, then the FATF will require increased supervisory examination for branches and subsidiaries of financial institutions based in Iran,” it said.
Central Bank of Iran (CBI) has welcomed the statement by the the Paris-based watchdog expressing hope the remaining items being approve by the Expediency Council, a top body that resolves disputes between parliament and the parliament's watchdog body the Guardian Council, within the expected period.
Foreign businesses say compliance and Iran’s removal from the FATF’s blacklist is key for making investments in the country, especially after the United States re-imposed sanctions on Iran.
France, Britain and Germany have said they expected Iran would put into place all elements of its FATF action plan in order for the country to be able to use of a new channel for non-dollar trade with Iran to avert U.S. sanctions.
Earlier, the Expediency Council approved an anti-money laundering (AML) bill.
Two more bills, on Combating the Financing of Terrorism (CFT) and joining the Palermo Convention are still being debated.
The United Nations Convention against Transnational Organized Crime, adopted by General Assembly resolution 55/25 of 15 November 2000, is the main international instrument in the fight against transnational organized crime. It opened for signature by Member States at a High-level Political Conference convened for that purpose in Palermo, Italy, on 12-15 December 2000 and entered into force on 29 September 2003.