Iran is going to think again about engagement with the Financial Action Task Force (FATF), the policy-making body of the international financial system, following concerns that an agreement with the watchdog could risk Iran’s national interests.
In the wake of media uproar surrounding Iran’s cooperation with the FATF and announcement of the parliament’s decision to intervene, an order has been issued by relevant Iranian supervisory bodies to review the agreement and deter any threat to the country’s national interests, informed sources told Tasnim.
According to the order, negotiations should be held with the foreign parties to modify the agreement for the good of the country’s national interests.
Meanwhile, a number of regulatory bodies in Iran have demanded a halt to implementation of the deal with FATF until the reconsideration process would produce ultimate results.
In late June, FATF hailed Iran’s adoption of an action plan to address shortcomings in its anti-money laundering policies and its decision to seek assistance with implementation.
In its plenary meeting in South Korea, the body took into account Iran’s implementation of an anti-money laundering law and its membership at the Eurasian Group, a FATF-style regional body.
Iran, however, will remain on the FATF blacklist until the full implementation is complete, the body said. Moreover, if it fails to demonstrate “sufficient progress” at the end of the yearlong suspension, the restrictions will be re-imposed.
The body is under the influence of the US, which is keeping pressure on Iran by maintaining sanctions despite coming into force of the Joint Comprehensive Plan of Action (JCPOA), a lasting nuclear deal between Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany).
(Source: Tasnim, under Creative Commons licence)