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Iran Makes Progress in Combating Money Laundering and Terrorist Financing, IMF Reports

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The International Monetary Fund (IMF) has commended Tehran for its efforts to reform its policies on combating money laundering and terrorist financing in its latest report on Iran’s economic situation.

Significant Progress Made by Iran

Iran has made significant progress in recent years to strengthen its anti-money laundering (AML) and combating the financing of terrorism (CFT) framework. The country has enacted an AML law in 2008 and a CFT law in 2016, which have been instrumental in criminalizing money laundering and terrorist financing.

Strengthening Financial Intelligence

Iran has also established a ministerial coordination council and Financial Intelligence Unit to combat financial crimes. Additionally, the country has introduced draft amendments to its AML and CFT laws in Parliament to bring them in line with international standards.

Challenges Remain

Despite these efforts, Iran remains on the list of Non-Cooperative Countries or Territories issued by the Financial Action Task Force (FATF). However, the IMF report notes that Iran has made significant strides in addressing FATF’s concerns and is working towards removal from the list.

Strengthening International Connections

Iran has taken steps to strengthen its connections to international banking and trade systems. The country has ratified the United Nations Convention Against Transnational Organized Crime (UNTOC) and the Central Bank of Iran has approved several preventive measures for financial institutions, including:

  • Customer due diligence
  • Collecting beneficial ownership information

IMF Recommendations

The IMF has recommended that Iran adopt a comprehensive legislative and regulatory framework based on the FATF Action Plan to further restore confidence in its financial system and improve its status with the FATF. The report also suggests:

  • Conducting a National Risk Assessment on money laundering and terrorism financing
  • Improving AML/ CFT risk-based supervision of banks and other financial institutions
  • Developing mechanisms to ensure transparency of beneficial ownership information

Implementation Ahead of Deadline

The Iranian government has been working towards implementing these recommendations ahead of the FATF’s deadline of June 2018. The country is also debating bills on reforming its policies on money laundering and terrorist financing in Parliament. If successful, these efforts could pave the way for Iran’s reintegration into international financial and trade systems.