FATF’s Decision Guarantees Banking Ties with Iran

Iran’s ambassador to Britain said a recent decision by the Financial Action Task Force (FATF), the policy-making body of the international financial system, to continue the suspension of anti-Iran sanctions would guarantee the country’s banking ties with foreign countries.

In a post on social media, Hamid Baeedinejad pointed to the FATF’s meeting in Spain on Friday, saying that the members of the international organization appreciated Iran for its effective financial measures to counter money laundering and combat financing of terrorism and suspended restrictions against the country for the second consecutive year.

With this decision, the major economies of the world ensured the possibility of developing their banking and financial relations with Iran, which was one of the main goals of the 2015 nuclear agreement between Tehran and six world powers, known as the Joint Comprehensive Plan of Action (JCPOA), the diplomat said.

This decision was taken while some hardliners in the US had called on the country’s president, Donald Trump, to prevent the suspension of restrictions against Iran, he noted.

Baeedinejad added, however, that the US finally acceded to the decision under the pressure of European countries.

Iran and the six countries on July 14, 2015, reached a conclusion over the text of the JCPOA. The accord took effect in January 2016 and was supposed to terminate all nuclear-related sanctions against Iran all at once, but its implementation has been hampered mainly due to US policies.

(Source: Tasnim, under Creative Commons licence)

One Response to FATF’s Decision Guarantees Banking Ties with Iran

  1. Hamid Kazerooni 9th August 2017 at 4:44 pm #

    I am an American-Iranian citizen currently residing in the USA. Although US Treasuary OFAC 31 C.F.R. §560.550 regulation authorizes transfer of funds for personal remittance to Iran, US banks refuse any wire transfer to Iran. I plan to return to Iran once I am retired and I have not found a way to transfer my life long savings to Iran so I can spend rest of my time with family. I certailnly hope European banks change course so I can soon transfer to one of their banks and then to Iran.

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