Iran Guardian Council approves amendments to AML Law

Iran Guardian Council approves amendments to AML Law
18:20 11-08-2018 | icon 25

Baku, Azerbaijan, August 11


Iran’s Guardian Council ratified new amendments proposed by the government to the country’s Anti-Money Laundering (AML) law.

The council approved the article about capital and profit in money laundering after it was approved by 148 lawmakers from a total of 210 recently, Tasnim news agency reported on August 11.

It is part of efforts to improve connections to the international banking and trade system.

In a directive circulated on Saturday, Iranian President Hassan Rouhani instructed all relevant government bodies to follow the new amendments.

On June 30, the Financial Action Task Force (FATF) said Iran had until October to complete reforms that would “bring it into line with global norms or face consequences” that could further deter investors from the country.

“The FATF is disappointed with Iran’s failure to implement its action plan to address its significant AML/CFT deficiencies,” the organization said at the time.

“The FATF urgently expects Iran to proceed swiftly in the reform path to ensure that it addresses all of the remaining items in its action plan ... we expect Iran to enact amendments to its AML and CFT laws ... in full compliance with the FATF standards by October 2018, otherwise, the FATF will decide upon appropriate and necessary actions at that time.”

Until Iran carries out measures to address deficiencies, FATF said it would remain concerned and “urges all jurisdictions to continue to advise their financial institutions to apply enhanced due diligence to business relationships and transactions with natural and legal persons from Iran.”

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