PARIS: An international group that monitors money laundering worldwide said on Friday Iran had until October to complete reforms that would bring it into line with global norms or face consequences that could further deter investors from the country.
Tehran has tried to attract foreign investors after completing a landmark 2015 agreement with the United States, Russia, China, France, Germany and Britain under which a number of sanctions were lifted in exchange for Iran agreeing to curbs on its nuclear program.
Iran has been trying to implement standards set by the Financial Action Task Force (FATF), a global group of government anti-money-laundering (AML) and counter financing of terrorism regimes (CFT), in the hope it will be removed from a blacklist that makes some foreign investors reluctant to deal with it.
“The FATF is disappointed with Iran’s failure to implement its action plan to address its significant AML/CFT deficiencies,” the organization said in a statement after a week of deliberations in Paris.
“The FATF urgently expects Iran to proceed swiftly in the reform path to ensure that it addresses all of the remaining items in its action plan ... we expect Iran to enact amendments to its AML and CFT laws ... in full compliance with the FATF standards by October 2018, otherwise, the FATF will decide upon appropriate and necessary actions at that time.”
The decision buys time for Tehran, knowing that punitive measures by the group could worsen Iran’s financial sector, which is beginning to suffer from the US decision in May to withdraw from the nuclear accord and the Trump administration’s push to implement a raft of new sanctions that are scaring businesses away.
Iran’s Supreme Leader said on June 20 that parliament should pass legislation to combat money laundering according to its own criteria. Ayatollah Ali Khamenei’s advice makes it less likely that parliament would use FATF criteria. Foreign businesses say a bill that includes FATF guidelines is essential if they are to increase investment.
Hard-liners in Iran’s parliament have opposed passing legislation toward compliance with FATF standards, arguing it could hamper Iranian financial support for allies such as Lebanon’s Hezbollah, which the United States has classified as a terrorist organization.
Until Iran carries out measures to address deficiencies, FATF said it would remain concerned and “urges all jurisdictions to continue to advise their financial institutions to apply enhanced due diligence to business relationships and transactions with natural and legal persons from Iran.”
Anti-money laundering body gives Iran until October to complete reforms
Anti-money laundering body gives Iran until October to complete reforms
UN rights chief Shocked by ‘unbearable’ Darfur atrocities
- Mediation efforts have failed to produce a ceasefire, even after international outrage intensified last year with reports of mass killings, rape, and abductions during the RSF’s takeover of El-Fasher in Darfur
PORT SUDAN: Nearly three years of war have put the Sudanese people through “hell,” the UN’s rights chief said on Sunday, blasting the vast sums spent on advanced weaponry at the expense of humanitarian aid and the recruitment of child soldiers.
Since April 2023, Sudan has been gripped by a conflict between the army and the paramilitary Rapid Support Forces that has left tens of thousands of people dead and around 11 million displaced.
Speaking in Port Sudan during his first wartime visit, UN Human Rights commissioner Volker Turk said the population had endured “horror and hell,” calling it “despicable” that funds that “should be used to alleviate the suffering of the population” are instead spent on advanced weapons, particularly drones.
More than 21 million people are facing acute food insecurity, and two-thirds of Sudan’s population is in urgent need of humanitarian aid, according to the UN.
In addition to the world’s largest hunger and displacement crisis, Sudan is also facing “the increasing militarization of society by all parties to the conflict, including through the arming of civilians and recruitment and use of children,” Turk added.
He said he had heard testimony of “unbearable” atrocities from survivors of attacks in Darfur, and warned of similar crimes unfolding in the Kordofan region — the current epicenter of the fighting.
Testimony of these atrocities must be heard by “the commanders of this conflict and those who are arming, funding and profiting from this war,” he said.
Mediation efforts have failed to produce a ceasefire, even after international outrage intensified last year with reports of mass killings, rape, and abductions during the RSF’s takeover of El-Fasher in Darfur.
“We must ensure that the perpetrators of these horrific violations face justice regardless of the affiliation,” Turk said on Sunday, adding that repeated attacks on civilian infrastructure could constitute “war crimes.”
He called on both sides to “cease intolerable attacks against civilian objects that are indispensable to the civilian population, including markets, health facilities, schools and shelters.”
Turk again warned on Sunday that crimes similar to those seen in El-Fasher could recur in volatile Kordofan, where the RSF has advanced, besieging and attacking several key cities.
Hundreds of thousands face starvation across the region, where more than 65,000 people have been displaced since October, according to the latest UN figures.
