Iran Press/ Iran news: The head of the office of the Iranian president, Mahmoud Vaezi remarked on the sidelines of Wednesday’s cabinet meeting that presently, Iran does not intend to join the Financial Action Task Force (FATF).
The Paris-based Financial Action Task Force (FATF) has given Iran a final deadline of February 2020. "If before February 2020, Iran does not enact the Palermo and Terrorist Financing Conventions in line with the FATF standards, then the FATF will fully lift the suspension of counter-measures and call on its members and urge all jurisdictions to apply effective counter-measures, in line with recommendation 19," the FATF said in a statement on Friday.
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Govt. not allowed to join Palermo protocol: Iranian Official
Last October, Iran's parliament approved four bills put forward by the government to meet standards set by the FATF.
Only two of them have so far gone into effect and the fate of the two others, one on Iran’s accession to the United Nations Convention against Transnational Organized Crime and the other one, a bill amending Iran’s Combating the Financing of Terrorism (CFT) law, is still in limbo.
Iran's implementation of FATF standards so far has not only failed to attract investment, but it has also exposed various institutions to extraterritorial regulations and penalties. The FATF cannot impose sanctions, but individual states that are its members have used the group's reports to take punitive measures against their adversaries.
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