News ID : 161995
Publish Date : 1/22/2024 7:46:39 AM
The dimensions and effects of removing Iran's name from the recommendation number seven of FATF

EXCLUSIVE

The dimensions and effects of removing Iran's name from the recommendation number seven of FATF

Based on the terms of JCPOA and taking into account the date of approval of this agreement on October 18, 2015, on October 18, 2023, it was necessary to exclude Iran from the scope of Recommendation 7, therefore, with the proposal of Central Bank and the approval of the Supreme Council for Combating and Preventing Money Laundering and Terrorist Financing Crimes, Iran's demand from the special financial action group was fulfilled.

NOURNEWS- Last January 8, Iran sent a letter to the Financial Action Task Force (FATF) and demanded that the name of the Islamic Republic of Iran be removed from Recommendation 7 and other documents of this institution - which are related to UN Security Council Resolution 2231

The Financial Action Task Force (FATF) has issued forty recommendations on money laundering, terrorist financing, and the proliferation of weapons of mass destruction. Recommendation seven of the Financial Action Task Force (FATF) regarding targeted financial sanctions related to the proliferation of weapons of mass destruction, which requires countries, in line with the resolutions of the United Nations Security Council, to take measures such as seizing, confiscating funds and other assets of designated persons must apply the resolutions without delay.

In 2015, in line with the implementation of the Joint Comprehensive Plan of Action (JCPOA), Resolution 2231 was issued by the United Nations Security Council, which canceled the previous resolutions of the United Nations regarding Iran; But it still required restrictive measures such as the imposition of targeted financial sanctions for some individuals and institutions.

Based on the terms of JCPOA and taking into account the date of approval of this agreement on October 18, 2015, on October 18, 2023, it was necessary to exclude Iran from the scope of Recommendation 7, therefore, with the proposal of Central Bank and the approval of the Supreme Council for Combating and Preventing Money Laundering and Terrorist Financing Crimes, Iran's demand from the special financial action group was fulfilled.

Based on our country's request, the financial action working group agreed to remove the name of Iran from recommendation number 7 and withdrew from its previous decision.

Until now, Iran and North Korea were the only countries subject to Recommendation 7.

 Withdrawing from the scope of Recommendation 7 can improve the country's reputation risk in this area to some extent and also become a possible cornerstone of Iran's further interaction with FATF.

It should be noted that the restrictions related to FATF recommendation 7 are not related to the restrictions related to the FATF blacklist, but this amendment, in turn, can create openings for the country and interaction with this institution.

BY: Pooya Mirzaei
NOURNEWS
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