Firms must continue applying enhanced due diligence to transactions linked to Iran, after the Financial Action Task Force (FATF) warned that the country’s financial crime framework is still in “urgent” need of improvements.
The global money laundering and terrorist financing watchdog published a renewed warning about Iran’s approach to financial crime following its plenary meeting in Paris last week.
“The FATF is disappointed with Iran’s failure to implement its action plan to address its significant AML/CFT (anti-money laundering / counter-financing terrorism) deficiencies,” it said.
The group said it “urgently expects Iran to proceed swiftly in the reform path”, placing necessary enacting legislation at the top of its agenda.
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