News ID: 265838
Published: 0355 GMT February 18, 2020

Iran’s inclusion in FATF blacklist, unlikely: CBI

Iran’s inclusion in FATF blacklist, unlikely: CBI

The Governor of the Central Bank of Iran (CBI) Abdonnaser Hemmati shrugged off the possible outcome of an ongoing meeting of the Paris-based Financial Action Task Force (FATF), saying that even if it blacklists Iran, the move would have no effect on the country’s foreign exchange market.

“What will happen is not clear yet. It is likely that they will say Iran should be blacklisted, but they are more likely not to do so…,” Hemmati said on Tuesday, reported Tasnim News Agency.

“I have already said that since 90 percent of our trade transactions are conducted through unsanctionable routes, whatever happens in the FATF [meeting] cannot have any impact on our foreign exchange market at this point in time,” the top banker said.

An FATF meeting, which has started in Paris, is expected to review the situation of Iran’s commitment to international regulations against money laundering and financing terrorism, also called the AML/CFT.

Attended by over 800 delegates from 205 countries, the FATF meeting will continue until Friday, February 21. International organizations such as the UN, the International Monetary Fund and the World Bank are also represented at the meeting.

In October 2019, Iran’s Parliament approved four bills put forward by the government to meet standards set by the FATF.

Only two of them have so far gone into effect and the fate of two others, one on Iran’s accession to the United Nations Convention against Transnational Organized Crime, and the other a bill amending Iran’s Combating the Financing of Terrorism (CFT) law is still in limbo.


 

   
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