- Title: Global watchdog gives Iran until February to tighten anti-money laundering rules
- Date: 18th October 2019
- Summary: PARIS, FRANCE (OCTOBER 18, 2019) (REUTERS) FINANCIAL ACTION TASK FORCE (FATF) OFFICIALS WALKING TO SEATS FOR NEWS CONFERENCE OFFICIALS TAKING SEATS / FATF PRESIDENT, XIANGMIN LIU, SEATED JOURNALISTS LISTENING NEWS CONFERENCE IN PROGRESS VARIOUS OF JOURNALIST ASKING QUESTION (SOUNDBITE) (English) FINANCIAL ACTION TASK FORCE PRESIDENT, XIANGMIN LIU, SAYING: "If by February 2020, Iran fails to fully address our concerns and enact the Palermo and Terrorist Financing Conventions in line with the FATF standards, then the FATF will fully lift the suspension of counter-measures." JOURNALIST ASKING QUESTION OFFICIALS LISTENING (SOUNDBITE) (English) FINANCIAL ACTION TASK FORCE PRESIDENT, XIANGMIN LIU, SAYING: "The FATF assesses Iran on fully enacted legislation, so Iran has again in this regard failed to comply with our requirements. This means Iran remains high risk, and not enough progress has been made in addressing the serious terrorist financing threat that it poses to the global financial system. As a result, the FATF is now reintroducing further counter-measures in addition to the measures introduced in June." NEWS CONFERENCE IN PROGRESS (SOUNDBITE) (English) FINANCIAL ACTION TASK FORCE PRESIDENT, XIANGMIN LIU, SAYING: "Iran is currently in FATF's public statement, often called the blacklist, which signals a country's high risk for money laundering and terrorist financing. If a country is on the blacklist, it means the FATF is calling on other countries to take specific actions. Iran made a high-level commitment in June 2016 to address its strategic weaknesses but has repeatedly failed to do enough." PHOTOGRAPHER TAKING PICTURE NEWS CONFERENCE ENDING
- Embargoed: 1st November 2019 11:27
- Keywords: Iran money laundering Financial Action Task Force blacklist terrorism Asia
- Location: PARIS, FRANCE
- City: PARIS, FRANCE
- Country: France
- Topics: Government/Politics
- Reuters ID: LVA001B1MKZ0N
- Aspect Ratio: 16:9
- Story Text: A global dirty money watchdog said on Friday (October 18) it had given Iran a final deadline of February 2020 to comply with international norms after which it would urge all its members to apply counter-measures.
The Paris-based FATF said in the meantime that it was asking members to demand scrutiny of transactions with Iran and tougher external auditing of financing firms operating in the country.
Foreign businesses say Iran's compliance with Financial Action Task Force (FATF) rules is key if Tehran wants to attract investors, especially after the United States re-imposed sanctions on Iran last year.
France, Britain and Germany have tied Iran's compliance and removal from the FATF blacklist to a new channel for non-dollar trade with Iran designed to avert U.S. sanctions.
Iran's leaders are however divided over complying with the FATF. Supporters say it could ease foreign trade with Europe and Asia when the country's economy is targeted by U.S. penalties aimed at its isolation.
Hardline opponents argue that passing legislation toward joining the FATF, could hamper Iran's support for its allies, including Lebanon's Hezbollah.
The chances of Iranian compliance within four months appeared slim. Its own action plan to meet with the FATF requirements, implemented in 2016, expired in January 2018.
(Production: Thierry Chiarello, Ardee Napolitano, Kathryn Carlson) - Copyright Holder: REUTERS
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