Business And Markets
0

Iran's Expediency Council Approves Anti-Money Laundering Law

Iran's Expediency Council Approves Anti-Money Laundering Law Iran's Expediency Council Approves Anti-Money Laundering Law

The Expediency Council, a powerful body that resolves disputes between parliament and a watchdog body, the Guardian Council, on Saturday approved the amendment to Combating Money Laundering Law on the first meeting of the council chaired by its new head Ayatollah Sadeq Amoli Larijani.

The bill was passed by the Majlis last September as part of the legislative push by the administration of President Hassan Rouhani to update the country's laws in line with international norms and especially to meet an action plan set forth by the inter-governmental Financial Action Task Force.

However the Guardian Council found the bill in contravention to the constitution but as lawmakers insisted on their earlier version of the bill, the issue was referred to the Expediency Council which finally decides on what would be "expedient for the system."

Premium

Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment

Financialtribune.com