![\"Iran](\"https:\/\/www.ncr-iran.org\/en\/wp-content\/uploads\/sites\/2\/2018\/10\/Iran-Regime-Still-Not-Complying-With-International-Financial-Regulations.jpg\" "\\"Iran-Regime-Still-Not-Complying-With-International-Financial-Regulations\\"")
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By Staff Writer<\/p>\n
The Financial Action Task Force (FATF), as reported by Iranian media, is satisfied that Iran has been making progress with its reforms with regards to the financing of terrorism and money-laundering and that it would be extending its October deadline to next February.<\/p>\n
Bahram Qassemi, a spokesperson from the country\u2019s Foreign Ministry, said that the extended deadline is a diplomatic success for Iran because the members of the FATF have not bowed to political pressure from the United States.<\/p>\n
Earlier this year, the FATF had said that it was disappointed and concerned by the fact that Iran has failed to implement the action plan that was foreseen to \u201caddress significant AML\/CFT deficiencies\u201d. It also said that it expects Iran to \u201cproceed swiftly in the reform path to ensure that it addresses al of the remaining items in its action plan\u201d.<\/p>\n
The FATF is an inter-governmental body that was set up almost three decades ago. Its aim is to set standards for curbing money laundering and terrorist financing as well as other threats that could impact the international financial system. The FATF also promotes legal, regulatory and operational measures in these aims.<\/p>\n
The organisation ensures that each country complies with the Terrorist Financing Convention that compels the criminalisation of acts that result in funding being provided to terrorist individuals or organisations.<\/p>\n
With regards to Iran\u2019s progress on compliance, the FATF said in a statement that it will only take into account any legislation that has been fully enacted.<\/p>\n
On 19th October, it announced that it would continue to suspend the counter-measures against Iran, but again highlighted that the country has still not managed to live up to its commitment to combatting the funding of terrorism and money laundering. For now, Iran is going to stay on the FATF Public Statement until the full Action Plan is complete. The organisation said: \u201cUntil Iran implements the measures required to address the deficiencies identified in the Action Plan, the FATF will remain concerned with the terrorist financing risk emanating from Iran and the threat this poses to the international financial system.\u201d<\/p>\n
It also warned other countries to be wary of business dealings with Iran. In its statement it said that jurisdictions must \u201ccontinue to advise their financial institutions to apply enhanced due diligence, including obtaining information on the reasons for intended transactions, to business relationships and transactions with natural and legal persons from Iran\u201d.<\/p>\n
The spokesperson for the Iranian Foreign Ministry omitted many of the details and tried to portray the news as being positive for Iran and a blow to the Trump administration that is putting further economic pressure on the country with the implementation of further sanctions.<\/p>\n
Iran continues to finance terrorism and it has in no way had diplomatic success. The FATF is still clearly concerned about the Iranian regime\u2019s practices. As are many, including the people of Iran.<\/p>\n","protected":false},"excerpt":{"rendered":"
By Staff Writer The Financial Action Task Force (FATF), as reported by Iranian media, is satisfied that Iran has been making progress with its reforms with regards to the financing […]<\/p>\n","protected":false},"author":10,"featured_media":52207,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[178],"class_list":{"0":"post-25423","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-save"},"yoast_head":"\n