Private sector has welcomed the approval of legislation paving the way for Iran’s membership in the Financial Action Task Force (FATF), stressing that the move will boost foreign trade and strengthen Tehran’s role in blocs such as BRICS and the Shanghai Cooperation Organization.
Iran’s Expediency Council has endorsed bills related to joining FATF, clearing one of the long-standing obstacles to the country’s foreign trade.
“Delays in joining this financial body had prevented the expansion of economic and trade relations to a desirable level,” Mohammad Lahouti, president of the Export Confederation of Iran, told the state IRNA news agency on Sunday.
He said even during periods when international sanctions were eased after the 2015 nuclear deal, non-membership in FATF discouraged foreign banks and traders from working with Iran.
Lahouti added that Iran’s ratification of the conventions on Combating the Financing of Terrorism (CFT) and Palermo would not only support trade ties but also improve trade with friendly countries, as regional pacts “are crucial for foreign trade and economic cooperation, but without FATF membership it was impossible to fully exploit them.”