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FATF Warns of Banking with Iran, Uzbekistan, Northern Cyprus and Others
By Brian Orsak
printAn intergovernmental organization that sets global standards for anti-money laundering and counter-terrorist financing has issued warnings about shortcomings in the laws of Iran and five other countries. The Paris-based Financial Action Task Force (FATF) said Thursday that the global financial community should regard transactions involving Iran, Uzbekistan, Pakistan, Turkmenistan, Northern Cyprus and S??o Tom?© and Pr?ncipe as high risks for money laundering. None of the countries are among FATF's 34 members. "To one degree or another they've got serious deficiencies in their systems, so we're bringing that to the attention of financial institutions and governments," said Rick McDonnell, the executive...
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