CBI hails FATF suspension of counter-measures on Iran

In its statement, which was released on Friday, CBI appreciated Iranian bodies, which paved the way for suspension of counter-measures on Iran by ratifying two bills to amend regulations as regards fighting money-laundering and financing terrorism.

Underlining the fact that the Instrument in Support of Trade Exchanges (INSTEX) with Iran is less than Europe’s commitments to avoid failure of Iran nuclear deal known as the Joint Comprehensive Plan of Action (JCPOA), CBI said the parallel companies are being established in Iran soon to provide interaction.

“The FATF decided at its meeting this week to continue the suspension of counter-measures,” FATF said in its February 20-22 plenary outcomes report.

“While welcoming the passage of the Anti-Money Laundering Act, the FATF expresses its disappointment that the Action Plan remains outstanding and expects Iran to proceed swiftly in the reform path to ensure that it addresses all of the remaining items by completing and implementing the necessary AML/CFT reforms,” it added.

FATF went on to say “in August 2018, Iran has enacted amendments to its Counter-Terrorist Financing Act and in January 2019, Iran has also enacted amendments to its Anti-Money Laundering Act.”

“The FATF recognizes the progress of these legislative efforts. The bills to ratify the Palermo and Terrorist Financing Conventions have passed Parliament, but are not yet in force,” it reiterated.

The Financial Action Task Force is an intergovernmental organization founded in 1989 on the initiative of the G7 to develop policies to combat money laundering.

In 2001 its mandate expanded to include terrorism financing.

In 2009, FATF blacklisted Iran for the first time.

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