Iran Guardian Council deems amendment to the Anti-Money Laundering law
Iran Guardian Council did not confirm measures passed by parliament to amend anti-money laundering law, according to the council’s spokesman.
Iran Press/Iran: Abbas Ali Kadkhodaei, the Guardian Council spokesman announced via twitter that the oversight body considered the amendment to the Anti-Money Laundering law is in contravention with the country’s Constitution and Sharia law.
Majlis (Iran's parliment) has amended the anti-money laundering law in line with moves to combat the financing of terrorism, Majlis Speaker Ali Larijani has announced.
According to the amendment, threatening or taking violent actions which cause physical harms and also taking hostages and endangering the people’s lives intending to affect the decisions of the government and/or the international bodies are considered terrorist move, ISNA reported on Friday.
Financial support for terrorism is punishable by seizure of the money and properties and 2 to 5 years imprisonment.
The financial supporter will also face 2-5 times more than the amount of provided support in fines.
Iranian lawmakers on May 8, passed amendment bills to the existing Law of Anti-Money Laundering and Law of Combating Financing of Terrorism.
Being blacklisted by FATF since 2008, Iran has been trying to implement anti-money laundering (AML) and combating the financing of terrorism (CFT) standards, but FATF is still unsatisfied with the measures taken by the Islamic Republic so far.
The group, however, has extended a waiver for punitive measures against Iran due to the country’s crucial improvements in addressing its deficiencies in combating money laundering.
During a session in June, FATF called on Iran to implement amendments in full compliance with the group’s standards by October 2018, "otherwise, the FATF will decide upon appropriate and necessary actions at that time."
The original AML/CTF bill was ratified by Majlis and subsequently approved by the Guardians Council–the constitutional and Sharia watchdog–in March 2016 after it was rejected once and revised by the judiciary.