Iran's Parliament in its latest open session on Tuesday continued to review the government-proposed amendments to the country's existing Anti-Money Laundering Law and ratified new measures, as the Financial Action Task Force's next plenary meeting draws nearer.
FATF is expected to announce a highly-anticipated verdict on Iran in June.
According to ICANA, the official news outlet of the parliament, 148 lawmakers from a total of 210 on Tuesday approved an article about capital and profit related to crimes linked to money laundering to replace a previous article.
The new article states that the original amount of capital and its profit will be confiscated and if the collective amount goes up to 10 billion rials ($239,000), the offender will be sentenced to two to five years in prison in addition to a fine.
May 15, 2018 19:24
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Iran Parliament Ratifies More AML Amendments
A series of further amendments to Iran’s existing Law of Anti-Money Laundering dealing with confiscation of money laundering revenues and punitive measures among other things were ratified during the parliament’s latest open session on Tuesday
At the end of Tuesday’s session, 117 members of parliament ratified all the amendments to Iran’s existing AML law proposed by the government
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