The Financial Action Task Force (FATF) has decided to extend Iran’s time to complete its financial and monetary reforms, saying the country has made progress in passing Anti-Money Laundering (AML) Act.
Representatives from the 205 members of the FATF Global Network, the International Monetary Fund (IMF), the United Nations (UN), World Bank and others “acknowledged Iran’s progress” in meeting part of the body’s requirements.
“While acknowledging the progress that Iran made including with the passage of the Anti-Money Laundering Act, the FATF expresses its disappointment that the Action Plan remains outstanding,” according to the group’s public statement on Iran following its meeting in Orlando, Florida.
It was referring to the AML bill’s approval by Iran’s Expediency Council in January.
The global standard-setting body for anti-money laundering and combating the financing of terrorism (AML/CFT) has decided to give Iran until October to fully pass and enforce the remaining bills.
“If by October 2019, Iran does not enact the Palermo and Terrorist Financing Conventions in line with the FATF Standards, then the FATF will require introducing enhanced relevant reporting mechanisms or systematic reporting of financial transactions,” the statement reads.
The international body had previously allowed Iran until June to fully implement the laws.
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.