FATF Blacklisting Bodes Ill for Banks
FATF Blacklisting Bodes Ill for Banks

FATF Blacklisting Bodes Ill for Banks

FATF Blacklisting Bodes Ill for Banks

Lack of compliance to Financial Action Task Force regulations has impeded international banking relations, a deputy head of the Monetary and Banking Research Institute said.
“This has hurt our banks’ credit rating, therefore cooperating with them is now deemed to be highly important,” Kamran Nadri was also quoted as saying by ILNA.
He emphasized the necessity of joining FATF since foreign banks will not engage in any kind of activity with banks that do not comply with FATF regulations.
“However, the regulations of combating money laundering have been approved for Iranian banks but they did not implement them properly. As a result, many major banks in the world refuse to even transfer their funds and tensions especially rise when the source of money is Iran,” he saied.
In March 2016, the Iranian Parliament adopted an Anti-Money Laundering/Combating the Financing of Terrorism law and declared its high-level political commitment to implement the related action plan.
Iranian authorities have requested an assessment by the International Monetary Fund on Iran’s compliance with AML/CFT regime with regard to FATF standards, which will take place late 2018.
Since 2015-16, Iran has also become an observer in the Eurasian AML/CFT group following the adoption of a high-level action plan with FATF.
The intergovernmental FATF was founded in 1989 to combat money laundering, but its mandate expanded to act on terrorism financing in 2001.
The group decided in late June to keep Iran on its list of high-risk countries, but welcomed Iranian promises to improve and called for a one-year suspension of restrictions on Tehran.

Short URL : https://goo.gl/62XNi1
  1. https://goo.gl/DEj1pR
  • https://goo.gl/I3Vjud
  • https://goo.gl/Z5z74B
  • https://goo.gl/VrVrw7
  • https://goo.gl/hXkHrT

You can also read ...

Forex Rates Tumble
The Central Bank of Iran’s measures, namely to issue...
Shahid Rajaei Port in Hormozgan Province, Iran's largest container port
More than €20.2 billion worth of commodities were traded...
Iran to Send More Flour to Iraq via Russia Wheat Deal
Iran is negotiating a wheat import deal with Russia that would...
Gov’t Earned 150% More From Tax Than Oil Last Fiscal
The government earned 150% more from tax than from oil in the...
Iran’s currency had lost a quarter of its value in six months, sliding to a record low of 49,000 last week.
Governor of the Central Bank of Iran Valiollah Seif defended...
24 New Foreign Traders in Iran’s Capital Market
The Central Securities Depository of Iran issued 24 trading...
NDFI to Get 32% of Oil, Gas Money
Members of parliament on Saturday approved a measure...
Parliament Okays Rise in Cigarette Tax
Cigarette tax will increase in the next fiscal year (starting...

Add new comment

Read our comment policy before posting your viewpoints