FATF to continue suspension of Iran restrictions

IRNA – The international anti-money-laundering body Financial Action Task Force (FATF) said on Friday that it would continue suspension of its punitive measures against Iran due to the country’s commitment to its monetary obligations.

‘In light of Iran’s demonstration of its political commitment and the relevant steps it has taken in line with its Action Plan, the FATF has decided to continue the suspension of counter-measures,” the international anti-money-laundering body announced in a statement published on its website.

‘In June 2016, the FATF welcomed Iran’s high-level political commitment to address its strategic AML (Anti-Money Laundering)/CFT (Combating Financing of Terrorism) deficiencies, and its decision to seek technical assistance in the implementation of the Action Plan,’ according to the statement.

FATF is an inter-governmental body established in 1989 during G7 summit in Paris.

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.

The FATF is therefore a “policy-making body” which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.