Iran's FATF Membership by May

The governor of the Central Bank of Iran believes that the country will be able to meet the conditions needed to become a full-time member of the Financial Action Task Force when the organization takes up Iran's case in May.

Financial Tribune - The governor of the Central Bank of Iran believes that the country will be able to meet the conditions needed to become a full-time member of the Financial Action Task Force when the organization takes up Iran's case in May.

"We have until May n to complete efforts needed to become an FATF member and with the planning and endeavors undertaken so far, we will achieve the standards required for membership," Valiollah Seif also said in a talk with the Persian-language Khorasan newspaper, IBENA reported.

The intergovernmental FATF, which is the global standard-setting body for anti-money laundering and combating the financing of terrorism (AML/CFT), welcomed Tehran's initiative to conform to its international standards in late June and called for a one-year suspension of restrictions.

On February 24, the organization issued a public statement, noting that "if FATF determines that Iran has not demonstrated sufficient progress in implementing the action plan at the end of that period, FATF’s counter-measures will be imposed".

However, "if Iran meets its commitments under the action plan in this period, FATF will consider next steps".

Mar 11, 2017
Financial Tribune |