Iran to Tackle FATF Problem for the Second Time

J.Nouraei & M.Mostafavi Law Offices -28 December 2020-Tehran- In light of the likely re-entry of the USA to the multi-party nuclear deal with Iran (JCPOA), committed to by US President-Elect Joe Biden, Iran is keen to wipe out hurdles of any kind and smooth global banking transactions to ease business deals with the eventual lifting of the present sanctions.

The sanctions were imposed on Iran by the outgoing President Donald Trump.  Accordingly, Iran is trying to be removed from the black list of the Financial Action Task Force (FATF), an intergovernmental anti-money laundering (AML) and counter-terrorist financing (CFT) body. To achieve this goal, bolstered with the agreement of the Grand Leader of the Islamic Republic of Iran, Ayatollah Ali Khamenei, the Expediency Council has been delegated the task of retackling the Iranian parliament legislation already ratified and in line with accepting the international standards of FATF. 

The Expediency Council, as stipulated in the Iranian Constitution, is responsible for settling differences and disagreements arisen in relation to the Iranian parliament legislations. It was following the Expediency Council’s initial opposition to the aforesaid legislation, that FATF blacklisted Iran in February 2020.

According to Seyyed Mohamad Sadr, a member of the Expediency Council, “Considering the current conditions of the country and the effects of Iran being blacklisted, it can reasonably be foreseen that there would be fewer opposing voices in this round of debates in the Council’’ (Copyrighted. Re-publication and usage wholly or partially allowed upon naming the source J. Nouraei & M. Mostafavi Law Offices).

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