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Noose Getting Tighter Against Money Laundering

Noose Getting Tighter Against Money LaunderingNoose Getting Tighter Against Money Laundering

The Supreme Anti-Money Laundering Council has ruled that any suspicious hefty financial transactions are to be regulated Interior Minister Abdoreza Rahmani-Fazli said.

Annually, the amounts of dirty money add up to 100 trillion rials ($3.6 billion at official exchange rate). Political campaigns, economic, social, and cultural sectors all fall victim to the numberless negative effects of the dirty money. Thus the Anti-Money Laundering Council has ruled that in case of suspicious transactions the bank accounts will be frozen for further investigation, the minister stated on Sunday.

Drug smugglers in large carry out hefty financial transactions and are the main holders of suspicious accounts. As an example, a barely literate thirty five year old smuggler was involved in a 20 trillion rial transaction and had opened several bank accounts to the names of different people. Drug mafias have even confessed to financing terrorists. The combat against drug smuggling calls for widespread public support, the official stressed.

Financialtribune.com