CBI Chief: FATF Crucial for Foreign Banking Ties
Governor of the Central Bank of Iran Abdolnaser Hemmati says recommendations of the anti-money laundering body, the Financial Action Task Force, are part and parcel of international banking norms and thus essential for financial ties to the outside world.
In a Instagram post on Friday, Hemmati referred to today’s (Saturday) meeting of the Expediency Council about the contentious Palermo bill and reminded the council: "Maintaining and strengthening the limited ties of our country with foreign banks" is a necessity.
The Expediency Council refused last month for a third time to come up with a definite vote on whether or not it rejects Iran's accession to the UN Convention on Transnational Crime, commonly known as the Palermo bill.
Palermo bill is one of four government bills that seek to bring Iran's anti-money laundering and countering financing of terrorism standards in line with international norms. Out of the four FATF bills two have already become law.
As the powerful council takes up the issue again today, there is no guarantee about the outcome. President Hassan Rouhani on Tuesday launched a staunch defense of his government's decision to comply with global anti-money laundering and countering financing of terrorism rules, saying failure to do so would harm Tehran’s foreign banking and financial relations.
source: Financial Tribune
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