Iran Decision on FATF Agenda

EghtesadOnline: The Financial Action Task Force–the global anti-money laundering group–met in Paris, France, on Sunday for discussing issues vital to the integrity, safety and security of the global financial system.

News ID: ۷۸۱۸۲۲

21 February 2018

According to the group' s website, the meetings will bring together over 700 delegates from 203 jurisdictions of the FATF Global Network, as well as the UN, IMF, World Bank and other partners.

The meetings will continue and conclude with the second plenary meeting under the Argentinean Presidency of Santiago Otamendi on 21-23 February.  Among other issues, the group will also judge Iran’s progress report on implementing the action plan to improve its anti-money laundering and combating the financing of terrorism system.

Hoping to permanently exit the list of high-risk and non-cooperative jurisdictions, Iran accelerated the pace of reforms to implement the action plan recommended by the international group, including its move to join the United Nations Convention Against Transnational Organized Crime, which was overwhelmingly approved by its parliament in January, according to Financial Tribune.

The government has also sent amendments to the current anti-money laundering and combating the financing of terrorism laws that are pending approval by lawmakers.

Another bill on Iran’s accession to the International Convention for the Suppression of the Financing of Terrorism is also expected to be approved by the parliament after the judiciary gave it the thumbs-up.

On Jan. 18, Iran attended a meeting in Rome, Italy, with the International Cooperation Review Group—an FATF body that analyzes high-risk jurisdictions and recommends specific action to address their money laundering/financing of terrorism risks–which has reportedly had a positive outcome.

FATF will also discuss a new counter-terrorist financing operational plan that will set out the actions the task force will be taking in response to the changing terrorist financing threats.

The body will also discuss its engagement with FinTech (financial technology) and RegTech (regulatory technology) sectors, as well as future steps to support responsible innovation.

FATF's heads of Financial Intelligence Units will discuss the independence and autonomy of these units, and how to improve the quality of financial intelligence, including through the use of IT solutions.