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Iran Expected to Join FATF Affiliate as Observer in 2016
By Irene Madongo
printIran 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. The Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) could grant the Islamic republic observer status as soon as May should Iranian officials implement a new legislation targeting terror financiers, the organization's executive secretary, Vladimir Nechaev, told ACAMS moneylaundering.com. Iran's government expects to adopt the legislation in December and apply for observer status at the EAG's plenary meeting in May, according to an Iranian official with knowledge of...
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A regional affiliate of the Financial Action Task Force has granted observer status to Iran following the nations adoption earlier this year of a law meant to prevent the funding of terrorism.
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.
A regional anti-money laundering group will formally grant Iran observer status in June following the nations adoption of a counterterrorist financing law last month, according to an Iranian official.
Iran'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.
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.
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.
The expected reemergence of Iran on global markets will likely pose the toughest challenge for sanctions compliance officers in the coming year, according to Alexandre Lamy, an attorney with Baker & McKenzie's International Trade Practice Group.
An accord between Iran and six nations expected to result in the broad suspension of sanctions against the Islamic republic will likely bring questions along with opportunities for banks.
Iran and six nations outlined a possible permanent accord Thursday that would impose long-term limits on the Islamic republic's nuclear program in exchange for the lifting of nearly all Western and U.N. sanctions.