FATF Deadline Extension an 'Opportunity', If Used Properly

The deadline extension granted by the global anti-money laundering watchdog is an “opportunity” to make amendments that could help lessen the impact of sanctions and facilitate Iran’s economic engagement with the outside world, a former diplomat said. 
“The FATF deadline extension is an opportunity if used to [introduce the required reforms]. However, if we decide to keep dragging our feet and do not ratify the related bills, we may not only remain on the blacklist, but could also face punishment,” Nosratollah Tajik told ISNA in a recent interview. 
In February, the Financial Action Task Force gave Iran until June to fix its anti-money laundering and terrorism financing rules or face increased international scrutiny of its banks.