News ID: 220120
Published: 0220 GMT August 19, 2018

Chamber of Commerce urges Iran’s accession to FATF

Chamber of Commerce urges Iran’s accession to FATF

A nonprofit semi-governmental institution in Iran has urged the government to join the Financial Action Task Force (FATF).

In a statement issued at the end of its 35th session on Sunday, Iran Chamber of Commerce, Industries, Mines and Agriculture urged the government to accede to the inter-governmental organization, IRNA reported.

Iran has been trying to implement standards set by the FATF, an inter-governmental organization which underpins regimes combatting money laundering and terrorist financing.

Iran hopes it will be removed from a blacklist that makes some foreign investors reluctant to deal with it.

Referring to the 40 recommendations made by the FATF, the Sunday statement said that the approval of the FATF would guarantee other countries that trade with Iran is risk-free and warned that ignoring the proposals could lead to financial isolation of the country.

“Political factors must not leave their impacts on the final decision about this economic measure,” the statement said.

The recommendations provide a complete set of counter-measures against money laundering, covering the criminal justice system and law enforcement, the financial system and its regulation, and international cooperation.

They have been recognized, endorsed, or adopted by many international bodies.

Iran’s Guardian Council on Friday demanded changes to anti-money laundering measures passed by Parliament, as Tehran nears a deadline to pass legislation to help it attract investment.

In June, FATF said Iran had until October to complete the reforms or face consequences that could further deter investors from the country.

The Guardian Council objected to four items in the anti-money laundering amendments and returned the bill to the Parliament, spokesman Abbas Ali Kadkhodaei was quoted by the Judiciary's News Agency Mizan as saying.

He did not give details of the four items.

Iran’s membership in the UNTOC bill was first passed in the Iranian Parliament back in January but was sent to the Guardian Council for approval.

Earlier this month, the Guardian Council approved legal amendments on combating the funding of terrorism.

Foreign businesses say legislation that includes FATF guidelines is essential if they are to increase investment.

Early this month, Iran’s ambassador to the UK also warned that if Iran fails to come to a conclusion about accession to the FATF, “we may ourselves put the country’s financial and banking systems at the risk of being sanctioned".

Hamid Baeedinejad said that the US, Saudi Arabia, Argentina and Israel made a lot of efforts to return Iran to the FATF blacklist at the last plenary session of the global financial watchdog in Paris.

Fortunately, the countries that have amicable ties with Iran countered their efforts and the session concluded with a three-month deadline to Iran so that the country could come to a final conclusion, the envoy said at the time.

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