Iran's parliament ratifies financial transparency law for semi-state owned companies`

By  Trend

The financial transparency bill of the semi-state owned companies in Iran was approved by the country's parliament, Trend reports citing ILNA.

Although according to Article 44 of Iran's Constitution, all companies are required to submit their financial information to the Securities and Exchange Organization, out of a total of 19,000 semi-state companies, only 194 companies have complied with the Transparency Law, Iranian media outlets reported.

There’s an internal fight underway in Iran over whether the country should join the Financial Action Task Force (FATF) — the international coalition combating money laundering and terrorist financing — and it’s pitting hardliners against those who want more economic alignment with the West.

FATF has given Iran until June to join or face being added to a financial blacklist, a move that could further cripple Iran's economy by affecting trade and financial dealings with the EU and other FATF member states.