CBI Official:

AML/CFT law reduces foreign banks’ concerns

News ID: 3576561 -
TEHRAN, Mar. 09 (MNA) – Deputy CBI governor said the bill approved by Guardian Council has confirmed on combating the financing of terrorism clears the path for increasing Iran’s credit status.

Deputy Governor of the Central Bank of Iran (CBI) Hamid Tehranfar made the remarks adding “much had been done in the country to fight against the financing of terrorism while we did not possess a codified law in this regard so far.”

“Regulations and guidelines need to be prepared for complete implementation of the new law,” noted the official adding “the law will be translated into English and several other languages and will be delivered to international authorities in order to bring about better and more accurate transactions for Iranian banks,” emphasizing that the implementation of the new law will effectively reduce concerns held by international banks for increasing cooperation with Iranian counterparts.

Deputy CBI governor for banking supervision affairs went on to stress that “unfortunately, Iran has been assigned one of the lowest rankings in banking risks; however, the new bill would be extremely influential in promoting the country to its rightful status.”

Tehranfar further announced that Iran has voluntarily handed the anti-money laundering law to the International Money Fund (IMF) asserting “final approval of the law would alleviate many concerns of foreign banks for dealing with Iran.”

“A total of 13 instructions have been developed to cover all aspects of the fight against money laundering providing a clear image of their compliance with international standards,” stated deputy CBI governor maintaining “we have even made a request to IMF to comment on these instructions.”

He further reiterated that “Iran possesses comprehensive laws for the combat against money laundry.”

“In the past seven or eight years, the Financial Action Task Force (FATF) has published reports objecting that Iran does not own a law on countering the financing of terrorism,” Tehranfar concluded.

The Financial Action Task Force (FATF) is the global standard setting body for anti-money laundering and combating the financing of terrorism (AML/CFT).

 

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