Europeans press FATF to extend Iran Sanctions Reprieve

US-based Boeing, which has been granted an exception to export to Iran under the nuclear deal, has signed agreements to sell Iran dozens of new civilian airliners. Germany’s Siemens has agreed to upgrade Iran’s rail network, and Britain’s Vodafone is modernizing Iranian telecommunications.

Overall, foreign direct investment has been much less robust than Iranians had hoped for after the nuclear deal was implemented in January 2016. However, Iranian Oil Minister Bijan Namdar Zangeneh said recently that Iran was in the final stages of reaching a contract with the French oil company Total for development of the South Pars gas field.

The FATF was established in 1989 to combat “money laundering, terrorist financing and other related threats to the integrity of the international financial system,” according to its website. It has been providing expertise to Iran to help it reform and bring more transparency to its banks. The FATF Plenary, the organization’s decision-making body, meets three times a year.

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