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Iran AML Bill Amendment Approved

AML Bill Amendment Approved AML Bill Amendment Approved

The draft of the amendment to the Anti-Money Laundering Bill has been approved by Majlis Judiciary Commission, the body’s rapporteur announced. Hassan Norouzi also told Fars News Agency on Tuesday that as part of the reform measures, all transactions are considered healthy unless the opposite is proven.

According to Norouzi, the bill has 16 clauses, some of which will be reviewed during the next meeting of the commission.

In November, President Hassan Rouhani presented two bills for making amendments to the current Law of Combating the Financing of Terrorism and the Law of Anti-Money Laundering.

Reforms to the AML law targeted shortfalls, including lack of proportion between crimes and punishments, lack of deterrence and efficiency of punishments, confinement of the crime only to local sources and lack of prosecuting money laundering crimes independent of the original crime.

 

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