Global watchdog blacklisted Iran after it failed to follow FATF norms

Last updated on February 22nd, 2023 at 06:27 am

On Friday, The global watchdog put Iran on its blacklist after it failed to follow the global anti-terrorism funding norms, a step that will advance the nation’s disengagement from the financial market.

The decision came after over three years of forewarning from the Paris-based Financial Action Taskforce (FATF), pressing the Islamic Republic to either order militant financing conventions or see its pardon from the blacklist lifted and some forced counter-measures.

The group’s 39 members stated in an announcement following a week-long meeting, “Given Iran’s inability to authorize the Palermo and Terrorist Financing Conventions following the FATF Standards, the FATF completely lifts the suspension of counter-measures and approaches its individuals and urges all jurisdictions to apply successful counter-steps,” The Reuters revealed.

These would involve more scrutiny of dealings with Iran, harder external evaluating of financing firms working in the nation, and additional stress on foreign banks and organizations continuing business with Iran.

The United States recognized the team’s action after what it said was Tehran’s inability to follow FATF’s norms.

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Iran “must face ramifications for its continued failure to submit to global standards,” US Secretary of State Mike Pompeo said in an announcement.

Iran’s central bank chief rejected FATF’s decision as “politically driven and not a professional decision,” the state news agency IRNA cited Abdolnasser Hemmati as stating.

“I can guarantee our country that it will not affect Iran’s stability and foreign trade,” Hemmati added.

US sanctions have disabled Iran’s economy, wrecking its oil exports and, to a great extent, closing it from the global financial system. Washington has since long forced a policy of “maximum pressure” on Iran, The National reported.

Article Credit: The National

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