FATF gives Iran until February to complete reforms

Despite the US efforts to reset up counter-measures, the Financial Action Task Force decided at its meeting this week to continue the suspension of counter-measures, and in a statement asked Iran to proceed swiftly in the reform path to ensure that it addresses all of the remaining items.

According to the statement, by February 2019 the FATF expects Iran to have brought into force the necessary legislation in line with FATF standards and also expects Iran to continue to progress with enabling regulations and other amendments.

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 the Action Plan.

Given that Iran provided that political commitment and the relevant steps it has taken, the FATF decided in June 2018 to continue the suspension of counter-measures.

FATF began its six-day plenary meeting in Paris on Sunday to discuss the safety and security of the global financial system. 

Over 800 officials representing 204 jurisdictions, the IMF, UN, World Bank and others will come to Paris for FATF Week at the Organization for Economic Cooperation and Development (OECD), the body's website reported.  

"During six days of meetings, they discussed 140 papers on a range of important issues to protect the integrity of the financial system and contribute to global safety and security," it said.

LR