Parliament Passes Tweaked FATF Draft Law

Date: 05 December 2018 - 21:50

News ID: ۶۰۴۵۷

TEHRAN (Dispatches) -- Iran’s parliament approved a tweaked draft law against funding terrorism on Wednesday which Foreign Ministry officials claim will bring Tehran closer to global standards and help remove it from investment blacklists as it faces renewed U.S. sanctions.
The official news agency IRNA said lawmakers had included amendments requested by the Guardian Council, which must vet all legislation passed through parliament before it becomes actual law.
Supporters claim the legislation, once passed, will allow Iran to join an international convention against the funding of terrorism and comply with measures against money laundering set by the Financial Action Task Force (FATF).
Critics in parliament have opposed parts of the legislation, saying it could hamper Iranian financial support for allies such as Lebanon’s Hezbollah, which the U.S. has classified as a terrorist group.
The Guardian Council had asked lawmakers to include clauses including a guarantee that the law would not clash with the constitution.
The Paris-based FATF said in October that Iran had until February to complete reforms that would bring it into line with global norms or face consequences.
Foreign businesses say legislation that includes FATF guidelines is essential if they are to increase investment. Many Western companies have already ceased cooperation with Iran after the U.S. pulled out of a 2015 nuclear deal between world powers and Tehran in May and reimposed sanctions.
Foreign Minister Muhammad Javad Zarif has said that neither him nor President Hassan Rouhani could guarantee that abiding by FATF could resolve Iran’s problems.
However, he could guarantee that failure to respect it could provide important excuses for the American administration to increase Iran’s problems.