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FATF blacklists Iran, Sanctions continue

Aizbah KhanWeb Editor

21st Feb, 2020. 11:31 pm
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FATF blacklists Iran

Financial Action Task Force, the global anti-money laundering watchdog on Friday put Iran on its blacklist after Tehran failed to comply with international anti-terrorism funding norms.

According to the details, FATF had given Iran a February deadline to approve antiterrorism legislation or remain on the blacklist

FATF stated Iran will remain on the FATF statement on [High Risk Jurisdictions Subject to a Call for Action] until the full Action Plan has been completed.

If Iran ratifies the Palermo and Terrorist Financing Conventions, in line with the FATF standards, the FATF will decide on the next steps, including whether to suspend countermeasures.

Pakistan remains in FATF grey list until June

The blacklisting will complicate Iranian plans to sidestep American sanctions by instead doing business with European countries.

France, Britain and Germany had said they would continue to do business with Iran as long as the country got itself off the F.A.T.F.’s blacklist.

This came after Iran failed to meet the deadline set the by the watchdog at FATF’s last meeting in October to fully comply with FATF standards.

FATF had then given Iran a final deadline to comply with international norms after which “it would urge all its members to apply countermeasures”.

“The FATF fully lifts the suspension of counter-measures and calls on its members and urges all jurisdictions to apply effective counter-measures,” the watchdog said in a statement published on its website Friday.

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