TEHRAN - The Financial Action Task Force (FATF) announced on Friday that the organization will continue suspension of counter-measures against Iran by October 2018.

“The FATF is disappointed with Iran’s failure to implement its action plan to address its significant AML/CFT deficiencies. Given the Iranian government’s continued efforts to finalize and pass amendments to its AML and CFT laws, the FATF decided at its meeting this week to continue the suspension of counter-measures,” the organization said in a statement.

“We expect Iran to enact amendments to its AML and CFT laws and ratify the Palermo and TF Conventions in full compliance with the FATF Standards by October 2018, otherwise, the FATF will decide upon appropriate and necessary actions at that time.”

The statement also said that Iran should fully address its remaining action items, including by: (1) adequately criminalizing terrorist financing, including by removing the exemption for designated groups “attempting to end foreign occupation, colonialism and racism”; (2) identifying and freezing terrorist assets in line with the relevant United Nations Security Council resolutions; (3) ensuring an adequate and enforceable customer due diligence regime; (4) ensuring the full independence of the Financial Intelligence Unit and requiring the submission of STRs for attempted transactions; (5) demonstrating how authorities are identifying and sanctioning unlicensed money/value transfer service providers; (6) ratifying and implementing the Palermo and TF Conventions and clarifying the capability to provide mutual legal assistance; (7) ensuring that financial institutions verify that wire transfers contain complete originator and beneficiary information; (8) establishing a broader range of penalties for violations of the ML offense; and (9) ensuring adequate legislation and procedures to provide for confiscation of property of corresponding value.

Iran’s presidential chief of staff Mahmoud Vaezi said on Wednesday that the Rouhani administration is not trying to join the FATF.

Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei said on June 20 that parliament should pass legislation to combat money laundering according to its own criteria.

“As we have stated about some ‘international conventions recently raised in the Majlis,’ the Islamic Consultative Assembly, which is cultivated, matured and prudent, must make laws independently on issues such as combating terrorism or battling money-laundering,” the leader.ir quoted him as saying.

NA/PA