Code: 830591 A

Iran’s representative in the World Chambers Federation Pedram Soltani said to ILNA that if the country does not take advantage of the last chance of the Financial Action Task Force (FATF), and it is blacklisted by the body, countries will become more sensitive for cooperating with Iran’s banking system.

Speaking to ILNA news agency, Soltani added "if the bill does not approve, Iranian bank will not be allowed to have cooperation with 190 countries.

"It is necessary to have a certain definition from the workgroup of the FATF and the tasks of the group and range of its authority."

The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions.  The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.

Soltani went on to say that Iran should not think that FATF is a body which acts out of the framework of international bodies but it is the colleague of other organizations and it only monitors the conventions and offers new recommendations.

He reiterated that the country should put aside the illusion of conspiracy theory that any international convention has been designed to act against Iran and this theory has deprived Iran from joining many international bodies.

"In case a country asks necessary information about a suspect and terrorist or smuggler, it is up to Iran to submit it or not and it is not obligatory."

Soltani added that if Iran joins FATF and Palermo Convention, the country will be acquitted from accusations like money laundering and organized crimes.

"So far 190 countries have joined the Palermo Convention and only eight countries, including Iran, have resisted joining it."

Gholamreza Ansari, deputy foreign minister for economic affairs, has warned against the ramifications of non-compliance with FATF norms, saying that it would create overwhelming challenges for Iran’s banking sector.


banking cooperation FATF bills
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