FATF

Austria, UK hail FATF decision on Iran

IRNA – Ambassadors of Austria and the UK welcomed FATF new decision to continue the suspension of counter-measures on Iran.

Austrian diplomat Stefan Scholz wrote in his Twitter account “FATF decided at its meeting this week to continue the suspension of counter-measures.. […] and expects Iran to proceed swiftly in the reform path to ensure that it addresses all of the remaining items […] by implementing the necessary AML/CFT reform.”

Meanwhile, UK envoy Rob Macaire hailed the FATF choice by retweeting the message released by Iran envoy to London Hamid Baeidinejad who said FATF meeting supported Iran’s efforts to approve the required measures to confront money-laundering and terrorism financing and extended suspension of counter-measures against Iran to four more months.

Earlier, Former Foreign Secretary of Britain Jack Straw referred to the discussion of the Financial Action Task Force (FATF) in Iran’s Majlis, Guardians Council and Expediency Council, saying that the bill is not anti-Islamic because many Islamic countries followed the rules.

‘Iran will still have its autonomy and independence, but it will greatly facilitate trade for Iran,’ he said.

Straw went on to say that he doesn’t want to see Iran ‘a subject of criticism by people who don’t like Iran’ for not having joined FATF.

“The FATF decided at its meeting this week to continue the suspension of counter-measures,” FATF said in its February 20-22 plenary outcomes report.

“While welcoming the passage of the Anti-Money Laundering Act, the FATF expresses its disappointment that the Action Plan remains outstanding and expects Iran to proceed swiftly in the reform path to ensure that it addresses all of the remaining items by completing and implementing the necessary AML/CFT reforms,” it added.

FATF went on to say “in August 2018, Iran has enacted amendments to its Counter-Terrorist Financing Act and in January 2019, Iran has also enacted amendments to its Anti-Money Laundering Act.”

“The FATF recognizes the progress of these legislative efforts. The bills to ratify the Palermo and Terrorist Financing Conventions have passed Parliament, but are not yet in force,” it reiterated.

The Financial Action Task Force is an intergovernmental organization founded in 1989 on the initiative of the G7 to develop policies to combat money laundering.

In 2001 its mandate expanded to include terrorism financing.