Joining FATF is in line with national interests: CBI governor

December 25, 2019 - 16:46

TEHRAN – The governor of Central Bank of Iran (CBI) says joining the Financial Action Task Force (FATF) is in line with the interests of the country’s banking system, IRNA reported.

Making the remarks on the sidelines of a cabinet meeting on Wednesday, Abdolnaser Hemmati said China and Russia have informed Iran that refusing to join FATF would create problems in the way of banking transactions between Iran and these countries.

Asked about the possibility of U.S. pressures tightening after Iran joins the task force, Hemmati said, “There are some standards in international banking transactions which are set by the FATF, and joining the FATF not only does not create any barriers for Iran but makes its transactions more transparent and smooth.”

“We have nothing to worry about. We are following anti-money laundering rules and regulations very seriously,” the governor added.

Earlier on Monday, Government spokesman Ali Rabiei said the government will support any decision the Expediency Council and the Guardian Council make on the fate of the FATF-related bills, but argued that Iran’s interests will be secured by not exiting the FATF.

The Iranian parliament ratified the FATF in October 2018. However, the oversight Guardian Council rejected the bill. 

The Paris-based Financial Action Task Force said on October 18 that it has given Iran a final deadline of February 2020 to tighten its laws against money laundering in compliance with the global watchdog’s financial standards.

“If before February 2020, Iran does not enact the Palermo and Terrorist Financing Conventions in line with the FATF Standards, then the FATF will fully lift the suspension of counter-measures and call on its members and urge all jurisdictions to apply effective counter-measures, in line with recommendation 19,” the FATF said in a statement, Reuters reported.

One of the actions Iran is required to take to appease the FATF is to ratify the CFT, the convention combatting the financing of terrorism.
The government is pushing for the approval of the FATF.


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