Presidential office thanks parliament for approving CFT

IRNA – Head of Iran presidential office thanked the parliament for approving the bill on joining of Iran to the Combating the Financing of Terrorism (CFT) convention.

Approving the bill on Iran’s joining the CFT was a major step towards regulating the banking relations of Islamic Republic with the world, Mahmoud Vaezi said on Sunday.

The presidential office’s chief said that joining CFT removed one of the obstacles in the way of the international financial organizations’ cooperation with Iran.

The move by parliament can lead to normalcy in Iran’s hard currency market, he added.

Vaezi said that ‘It was a show of democracy and unity.’

Iranian lawmakers at a closed session on Sunday approved the bill on the joining of Iran to CFT convention.
At the parliament session, the lawmakers voted 143 in favor of the bill, 120 against and five abstained.

The CFT bill, approved by Iran with preconditions, includes an introduction, 28 articles and an appendix.

The CFT bill is one of the four Financial Action Task Force (FATF) bills which include reform in the money-laundering rule, change in the funding terrorism law, the joining of Iran to CFT and the joining of the country to the Palermo Convention.

Financial Action Task Force (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.

In its recent session, FATF has given a year as another chance to Iran to make changes in its financial activities as the country has already been transparent in its related commitments.

Before the approval of the bill, Foreign Minister Mohammad Javad Zarif told the lawmakers that the Majlis (the Iranian Parliament) was making an important decision according to the public interest of the nation to disarm the US of his next excuse against Iran.