Iran’s efforts to standardize banking system attracts global attention

IRNA – Iran’s Ambassador in London Hamid Baeidinejad said Friday that FATF’s extension of suspending anti-Iran measures revealed that Majlis and other institutes’ strives for standardization of banking and financial regulations were deeply noticed by the world.

In a tweet late on Friday, he added that despite the US and Israel’s efforts, FATF has agreed to remove Iran from blacklist until the next session.

After a meeting of its members, the Paris-based international watchdog said Iran had acted on only nine out of 10 of its guidelines despite pledges to make the grade and warned the country that it could face consequences if it fails to act fast.

‘We expect Iran to move swiftly to implement the commitments that it undertook at a high level so long ago,’ the FATF president Marshall Billingslea said after chairing the meeting.

The FATF also said it would continue suspending counter-measures, which can go as far as limiting or even banning transactions with a country.

Late in June, the world’s financial watchdog extended a waiver for punitive measures against Iran but set a deadline of October for the country to adopt financial reforms or face consequences.

Earlier this month, the Iranian Parliament passed a bill on combating the financing of terrorism as part of the country’s implementation of international standards set by the FATF.

The combating the financing of terrorism (CFT) bill, one of four put forward by the government to meet FATF demands, was passed by 143 votes in favor 120 against. But FATF said it could only consider fully enacted legislation.

To become law, however, Iran’s oversight Guardian Council should vet the bill for compliance with the Constitution.

The FATF is a non-government organization founded in 1989 to develop policies to tackle money laundering. In 2001, its mandate was expanded to include fight against terror financing.