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Legal Matters

Senior MP defends FATF bill

Qom, FATF is a systematic structure to counter financial corruption and makes fiscal calculations clear, said the deputy speaker of Majlis (Iranian Parliament)

'FATF is a technical issue and [only] experts should discuss it,' said Masoud Pezeshkian.

Established in 1989, the FATF is an intergovernmental body comprising more than 190 member states. The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.

Since 2008, the FATF has put Iran on its blacklist. Previously, only Iran, North Korea and Cuba were included in the FATF blacklist. Cuba, however, was removed from the list after a while.

In 2016, FATF removed Iran from its blacklist and suspended its countermeasures against the Middle Eastern state, providing Tehran with the opportunity to reform the laws and structures of its banking system.

To join the FATF and amend the structures of Iran's banking system, certain reforms are required to be enacted step by step.

Source: Islamic Republic News Agency - IRNA

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