FATF continues suspension of countermeasures against Iran
Tehran, Feb 24, IRNA - The Financial Action Task Force in its Friday meeting in Paris has recognized measures taken by Iran in line with addressing its deficiencies and has decided to continue the suspension of active countermeasures until its next meeting.
'Depending upon Iran’s progress in
completing its action plan, the FATF will take further steps in June 2018,' the
intergovernmental organization in charge of setting global standards on anti-money
laundering and combating the financing of terrorism has announced in a press
release published on its website.
In June 2016, the FATF welcomed Iran’s high-level political commitment to
address its strategic AML/CFT deficiencies and suspended countermeasures for a
year. Given Iran's steps in the year after, the organization decided in
November 2017 to continue the suspension of countermeasures.
However, Iran's deadline to fulfill its action plan with the FATF passed on
Jan. 31 with a number of items remaining incomplete. Therefore the organization
has now suspended countermeasures once more, advising Iran to fully address its
remaining items.
They include adequately criminalizing terrorist financing, including by
removing the exemption for designated groups “attempting to end foreign
occupation, colonialism and racism”, identifying and freezing terrorist assets
in line with the relevant United Nations Security Council resolutions, ensuring
an adequate and enforceable customer due diligence regime, and ensuring the
full independence of the Financial Intelligence Unit and requiring the
submission of STRs for attempted transactions.
Demonstrating how authorities are identifying and sanctioning unlicensed
money/value transfer service providers, ratifying and implementing the Palermo
and TF Conventions and clarifying the capability to provide mutual legal
assistance, ensuring that financial institutions verify that wire transfers
contain complete originator and beneficiary information, establishing a broader
range of penalties for violations of the ML offense, and ensuring adequate
legislation and procedures to provide for confiscation of property of
corresponding value are other remaining items required from Iran by the FATF.
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author: D-Ezatiyan - Date: 2/24/2018