TEHRAN — Ratification of the bill on fighting money laundering is a necessary measure for joining the World Trade Organization (WTO), an economic expert maintained.

In addition to leading to transparency in financial affairs of the country, the law on money laundering prevention also inhibits underground monetary activities, noted Dr. Morteza Allahdad, an economic expert.

But, some organizations and peoples interested in the underground economy in our country are undermining the approval of the bill, the Persian service of ILNA news agency quoted Allahdad as saying on Tuesday.

Due to the existing rules somehow similar to the international laws and regulations on money laundering prevention in our country, a large part of our economic activities is funneled to underground channels to evade taxes which in turn results in the fact that most of the nation’s goals in tax revenue collection will not be materialized, he explained.

He referred to illegal entry of the goods into the country as a clear manifestation of money laundering and an issue closely related to the scourge. He said that smuggled goods blow irreparable damages to the nation’s economy and afflict all the country’s economic affairs.

In the past three years, the anti-money laundering bill has been discussed and approved by the Majlis (Iran’s parliament), however, it has been rejected by the Guardians Council, he added.

The Guardians Council has to approve all bills passed by parliament and has the power to veto them if it considers them inconsistent with the Constitution and Islamic laws.