Tehran: Iran's vice president for executive affairs says the administration is seriously pursuing the ratification of the Financial Action Task Force (FATF) bills as required by the global financial crime watchdog.

According to Islamic Republic News Agency, Mohammad-Jafar Ghaempanah discussed the prospects of the FATF bills, noting that the bills cannot be put to vote in the parliament again as Iranian lawmakers have already approved them. He acknowledged that while members of the parliament have the right to object, citing criticisms from some lawmakers, the administration remains persistent. The fate of the FATF bills, he stated, will ultimately be decided by the Expediency Council, an advisory board tasked with settling disputes between the parliament and the Constitutional Council over legislation.

When questioned about the likelihood of the FATF bills being approved by the Expediency Council, Ghaempanah admitted that the administration does not have a precise assessment of the council's review status. However, he expressed confidence that some of the sanctions-related pressure would be alleviated once FATF is accepted.

In a related development, President Masoud Pezeshkian announced late last month that the Expediency Council would re-examine the bills, aiming to lift the FATF restrictions on Iran's banking system. Established in 1989, the FATF is an inter-governmental body focused on setting standards and promoting effective implementation of measures to combat money laundering, terrorism financing, and other threats to the international financial system. The FATF positions itself as a 'policy-making body' that fosters the political will necessary for national legislative and regulatory reforms in these critical areas.