The global anti-money laundering standard setting body opted Friday to renew its temporary suspension of recommended banking restrictions against Iran while removing Afghanistan and Laos from its list of countries that warrant enhanced monitoring. At the conclusion of its summit in Valencia, Spain, the Financial Action Task Force, or FATF, renewed its call for members to continue refraining from barring Iranian lenders from establishing foreign subsidiaries within their borders, ordering domestic financial institutions to apply enhanced due diligence on them and restricting their access to correspondent accounts. North Korea, the only other nation placed on FATF's list of high-risk and...
Financial Action Task Force delegates in a series of closed-door sessions beginning this weekend will consider recommending additional measures to choke off the flow of funds to illegal nuclear, chemical and biological weapons programs, say sources.
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