News
Iran Central Banker Sees Little Progress on Reintegration Despite Efforts
By Valentina Pasquali
printIran's recent steps to bolster its controls against money laundering and terrorist financing have resulted in few returns from wary global financial institutions, the country's top banking regulator said Friday. The Islamic republic, which in July became signatory to an international agreement to dismantle its nuclear program in exchange for sanctions relief, has "fully implemented" its side of the bargain since the deal took effect in January, Iranian Central Bank Governor Valiollah Seif told attendees of a Washington, D.C.-based event. Despite legislative and regulatory measures in Iran that have toughened reporting requirements and imposed new controls meant to identify and...
TO READ THE FULL STORY
Related News
The nuclear accord reached last year between five Western nations and Iran has done more than stir hopes and fears about the Islamic republic's return to global markets. For U.S. sanctions experts, the deal has also created a mountain of work, according to a former Treasury Department official.
Financial institutions in Iran have recently sought guidance from anti-money laundering consultants and attorneys in the United States amid a broader push by the Islamic Republic to reengage with the global banking system.
A Congressional committee on Thursday approved a measure that would require the U.S. Treasury Department to collect data on the assets of Iranian leaders held in the United States and abroad.
Several financial institutions in the European Union and Asia are "ring-fencing" their American employees and taking other preliminary steps to reengage with Iran months after economic sanctions were eased under a global nuclear accord.
Several U.S. banks are rejecting or blocking transactions involving dozens of entities removed from Western blacklists in January over concerns that the parties may have ties to the Iranian government.
U.K. banks are engaging in discussions with institutions in Iran in conjunction with the British government's efforts to renew trade with the country, according to a government official.
House lawmakers on Thursday criticized the U.S. Treasury Department's apparent reluctance to ban the provision of dollar accounts to European and Asian banks they say are likely serving blacklisted Iranians.
Iran's historic reentry into global markets Saturday came with expected fanfare and protest, and few surprises. Least surprising of all, the implementation of the sanctions accord means that the toughest work for banks could lie ahead.
Iran is in talks to begin working with an intergovernmental financial-crime watchdog as the country prepares for a potential rollback of international sanctions, an official with the organization said.