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General

Promotion of limited banking relations with others a necessity CBI Chief

Tehran, Governor of the Central Bank of Iran (CBI) Abdolnaser Hemati says Iran needs to keep and promote its limited banking relations with foreign banks.

Hemati wrote in his Instagram on Friday that the Expediency Council (EC) will decide on the bill on the country's accession to Palermo Convention on Saturday.

He said the Financial Action Task Force (FATF) recommendations are part of international banking standards.

The United Nations Convention against Transnational Organized Crime, adopted by General Assembly resolution 55/25 of 15 November 2000 opened for signature by Member States at a Highlevel Political Conference convened for that purpose in Palermo, Italy, on 1215 December 2000 and entered into force on 29 September 2003.

CFT and Palermo are two out of four Financial Action Task Force (FATF) bills which are being reviewed in Iran's Majlis, Guardian Council and Expediency Council as the intergovernmental organization of FATF based in Paris, France, has given Tehran a fourmonth deadline until June to complete reforms.

Source: Islamic Republic News Agency IRNA


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