The international governing body which is in charge of taking actions against money laundering and combating the financing of terrorism –FATF-published a press release after its last meeting on February 18-23, 2018 in Paris, France, saying “given that Iran has draft legislation currently before Parliament, the FATF decided at its meeting this week to continue the suspension of counter-measures.”
The FATF goes on to say “Iran will remain on the FATF Public Statement until the full Action Plan has been completed.”
In June 2016, the FATF welcomed Iran’s high-level political commitment to address its strategic AML/CFT deficiencies, and its decision to seek technical assistance in the implementation of its action plan. Given that Iran provided that political commitment and the relevant steps it has taken, the FATF decided in November 2017 to continue the suspension of counter-measures.
Since November 2017, Iran has established a cash declaration regime and introduced draft amendments to its AML and CFT laws. However, Iran’s action plan has now expired with a majority of the action items remaining incomplete.
The FATF statement urgently expects Iran “to proceed swiftly in the reform path to ensure that it addresses all of the remaining items in its Action Plan by completing and implementing the necessary AML/CFT reforms, in particular passing the necessary legislation.”
Depending upon Iran’s progress in completing its action plan, the FATF will take further steps in June 2018.”
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