TEHRAN - Hossein Mozaffar, a member of the Expediency Council, has said that the council will decide about the CFT (the convention combatting financing of terrorism) and Palermo bill by end of the current Iranian calendar month (which ends on June 21).

He told IRNA Plus on Wednesday that the issue is being studied currently.

The Paris-based FATF watchdog announced on February 22 that Iran has until June to fix its anti-money laundering and terrorism financing rules or face increased international scrutiny of its banks.

In October 2018, the global watchdog had given Iran until February to complete an action plan of reforms that would bring it in line with global norms, or face consequences.

The FATF concluded at its February 22 meeting that “there are still items not completed” and said in a statement it “expects Iran to proceed swiftly in the reform path”, according to Reuters.

One of the actions Iran is required to take to appease the FATF is joining the United Nations Convention against Transnational Organized Crime (UNTOC), which is also called the Palermo Convention, a 2000 United Nations-sponsored multilateral treaty against transnational organized crime.

The other action is to ratify the CFT.

On October 7, 2018, the Majlis (parliament) voted in favor of the CFT. However, the oversight Guardian Council rejected the bill by finding 22 faults with it.

To become a law, the Guardian Council should vet the bill for compliance with the Constitution.

In cases when the parliament and the Guardian Council disagree on a bill, the issue is referred to the Expediency Council for final arbitration.

NA/PA