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New financial regulation to be discussed in Iran

16 May 2017 [16:22] - TODAY.AZ

By  Trend


Iran’s money and credit council will discuss a new regulation on the country’s financial policies to fight money laundering and terrorist financing in the coming days, a senior Iranian banker said.

Governor of Central Bank of Iran (CBI) Valiollah Seif has said that the new regulation on the country’s financial policies to fight money laundering and terrorist financing has been prepared and it will be discussed during the meeting of money and credit council over the current week, the official website of the CBI reported.

He further expressed hope that the implementation of the new regulation would help Iran to enjoy the benefits of the country’s nuclear deal with the world powers which was reached in 2015.

Iranian financial policy makers seek to join the Financial Action Task Force (FATF) which is a global standard setting body for anti-money laundering and combating the financing of terrorism (AML/CFT).

It appears that Iran’s banking system needs to cooperate with the FATF in order to reintegrate into the global financial system following the implementation of the nuclear deal.

Conservative opponents of moderate President Hassan Rouhani’s government have earlier criticized the administration for its plans to cooperate with the FATF, suggesting that cooperation with the FATF would lead to imposing restrictions on the activity of several domestic entities and organizations.

URL: http://www.today.az/news/regions/161269.html

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