After the Guardian Council of Iran asserted the amendment bill on combating the financing of terrorism (CFT) is consistent with the country’s Constitution and Sharia laws, Iranian President Hassan Rouhani signed the bill into law on Saturday.
Iran has been given an October deadline by the world’s financial watchdog to adopt financial reforms as part of efforts to improve connections to the international banking and trade system.
Being blacklisted by FATF since 2008, Iran has been trying to implement anti-money laundering (AML) and combating the financing of terrorism (CFT) standards, but FATF is still unsatisfied with the measures taken by the Islamic Republic so far.
The group, however, has extended a waiver for punitive measures against Iran due to the country’s crucial improvements in addressing its deficiencies in combating money laundering.
During a session in June, FATF called on Iran to implement amendments in full compliance with the group’s standards by October 2018," otherwise, the FATF will decide upon appropriate and necessary actions at that time."
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