Majlis to send all FATF bills to Expediency Council

IRNA – All bills related to Financial Action Task Force (FATF) are to be dispatched to the Expediency Council for revision, Iran’s Majlis (Parliament) speaker announced here on Tuesday.

Expediency Council will make observation about the bills, Ali Larijani said at the Majlis open session this morning.

The four bills include reform in the money-laundering rule, change in the funding terrorism law, the joining of Iran to Terrorist Financing Convention and the joining of the country to the Palermo Convention.

Majlis approved the first two bills and sent them to the Guardian Council after changes in internal laws of the country, but the two others were shelved for two months as of June 10.

According to UNODC, the United Nations Convention against Transnational Organized Crime, adopted by General Assembly resolution 55/25 of 15 November 2000, is the main international instrument in the fight against transnational organized crime. It opened for signature by Member States at a High-level Political Conference convened for that purpose in Palermo, Italy, on 12-15 December 2000 and entered into force on 29 September 2003.

In June, Iranian lawmakers did approve the Palermo bill with 136 votes in favor and 89 against.

In a related development, the parliamentarians brought reform in Palermo bill on Tuesday (September 25) in order to be agreed with Iranian Guardian Council’s view about the issue.

From total 244 lawmakers who were present in today’s Majlis session, 141 voted for the bill on joining the Palermo Convention, 46 voted against and nine abstained.

Guardian Council has already declared that is has objection to some parts of the Palermo bill, saying it is against the Article 110 of the Constitution.

Guardian Council is an important body in Iran and one of its key duties is to interpret the Islamic Republic’s Constitution. And the duty of the Expediency Council is to decide whether to pass a law forwarded by Majlis with changes demanded by Guardian Council or not.

Meanwhile, the members of Majlis passed a bill against money laundering with 139 out of 226 votes on May 8, coincident with the US exit from the Iran Deal formally known as the Joint Comprehensive Plan of Action (JCPOA).

FATF introduces itself as 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. 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.