TEHRAN -- The Majlis (Parliament) on Tuesday passed a legislation on "campaign against money laundering" to monitor transfer of money and real state transactions, IRNA reported.

The legislation obliges owners of the property to provide evidence about the origin of the money being transferred or the money being paid to buy real states or shares in the stock exchange.

The lawmakers envisaged adopting effective mechanism to help the respective organizations identify the money coming from wrongdoing, including embezzlement in the government organizations, racketeering or money coming from smuggling of goods or drugs as well as gambling.

According to article 3 of the legislation, the owners of the money or real states who fail to provide evidence about their income will be liable to dispossession and paying a fine of at least one-fourth of the total value of the illegal property.

The legislation also envisaged procedural discipline for the Office of Registration of the Deeds and Real States to be observed in transactions in which ownership of the real states being transferred.

The article 7 of the legislation calls for setting up a special council on "campaign against money laundering" to be headed by the first vice-president and membership of the minister of finance and economy, the minister of commerce, minister of information, minister of justice, head of the management and planning organization (MPO) and the governor of the Central Bank of Iran and the general prosecutor.

The legislation entrusted the special council to provide procedural discipline for the legislation.

The minister of finance and economy will work as the secretary of the special council whose secretariat will be at the Ministry of Finance and Economy, according to the legislation.