CBI to Introduce Company for Facilitating INSTEX
TEHRAN (Tasnim) – The Central Bank of Iran (CBI) has announced that it will soon name a company in the country for facilitating cooperation with the European Union based on its financial mechanism for trade with Iran known as the Instrument in Support of Trade Exchanges (INSTEX).
In a statement released on Saturday, the CBI’s public relations department said although INSETX is much less than what had been pledged by the EU to save the 2015 nuclear deal after the U.S. withdrawal, Iran will soon introduce a corresponding company to demonstrate its intention to interact.
The establishment process of the company is underway and it will be introduced for cooperation with Europe, the statement read.
The CBI also welcomed a Friday decision by the Paris-based Financial Action Task Force (FATF) to extend the deadline for Iran until June 2019 to strengthen its anti-money laundering legislation, suspending counter-measures against Iran for another 4 months.
Last October, the global watchdog had given Iran until February to complete reforms or face consequences.
"The FATF decided at its meeting this week to continue the suspension of counter-measures,” it said in a statement on Friday.
On February 4, Council of the European Union issued a conclusion on the Islamic Republic, urging Iran to "adopt and implement the necessary legislation pursuant to its commitments under the Financial Action Task Force (FATF) Action Plan.”
The EU also voiced readiness to "continue cooperation with Iran in these areas, including by providing technical assistance for the implementation of the FATF Action Plan.”
In a statement released on Saturday, the CBI’s public relations department said although INSETX is much less than what had been pledged by the EU to save the 2015 nuclear deal after the U.S. withdrawal, Iran will soon introduce a corresponding company to demonstrate its intention to interact.
The establishment process of the company is underway and it will be introduced for cooperation with Europe, the statement read.
The CBI also welcomed a Friday decision by the Paris-based Financial Action Task Force (FATF) to extend the deadline for Iran until June 2019 to strengthen its anti-money laundering legislation, suspending counter-measures against Iran for another 4 months.
Last October, the global watchdog had given Iran until February to complete reforms or face consequences.
"The FATF decided at its meeting this week to continue the suspension of counter-measures,” it said in a statement on Friday.
On February 4, Council of the European Union issued a conclusion on the Islamic Republic, urging Iran to "adopt and implement the necessary legislation pursuant to its commitments under the Financial Action Task Force (FATF) Action Plan.”
The EU also voiced readiness to "continue cooperation with Iran in these areas, including by providing technical assistance for the implementation of the FATF Action Plan.”