BAKU, Azerbaijan, September 21. Iranian expert Farshid Bagherian warns that Iran’s accession to FATF may pose challenges in bypassing US and Western sanctions against Iran. The move could make it harder for Iran to export crude oil and other products through disguised companies to evade sanctions, creating financial problems for the country.
Since the US imposed new sanctions on Iran in November 2018 for its nuclear program, over 700 entities involved in exporting Iranian oil have faced sanctions. Iran’s compliance with 37 out of 41 FATF steps is under scrutiny, with key legislation amendments pending approval.
Established in 1989 to combat money laundering, FATF has warned Iran to improve its anti-money laundering and terrorism financing measures or face being listed as non-cooperating country. Iran has been on the FATF blacklist since 2007, affecting its financial transactions globally.
As of February 21, 2020, Iran is listed as a non-cooperative country, signaling the need for stricter measures. The potential impact of Iran joining FATF and the challenges it faces in meeting compliance measures highlight the complex financial landscape in the region.
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