The commission invited the Central Bank of Iran, Economy Ministry, and Ministry of Foreign Affairs to offer their technical feedback on the topic, the council's website reported.
The influential Expediency Council is the constitutional arbiter between the Majlis and the Guardian Council that endorses or rejects legislation based on conformity with the Islamic Republic Constitution and the Sharia laws.
Palermo bill is one of the four government bills that seek to bring Iran's anti-money laundering and countering financing of terrorism standards in line with international norms, specifically those defined by the global Financial Action Task Force, according to Financial Tribune.
Parliament approved all measures minus the bill that updates Iran's domestic CFT law.
The Expediency Council has not been able to reach a decision on the bill.
The FATF, during its six-day meeting that started on Sunday, is expected to review "the progress by Iran and other countries that present a risk to the financial system."
Back in February, the powerful anti-money laundering body said it had extended the suspension of countermeasures against Iran for another four months, recognizing the country's efforts in meeting its Action Plan.
It however warned that if by June this year Iran does not enact the remaining legislation in line with FATF standards, the FATF will require increased supervisory examination for branches and subsidiaries of financial institutions based in Iran. The FATF also expects Iran to make progress by improving regulations and other amendments.