Iran’s authorities commit local banks anti-money laundering unit

Islam Mohamed

Iran has started to comply with international pressure regarding money laundering as the Iranian central bank has made it mandatory for all banks in Iran to establish an anti-money laundering unit according to requirements by the Financial Action Task Force (FATF).

The Iranian Parliament has passed four bills required by FATF, but two which will join Iran to the Palermo Convention against transnational crimes and the CFT or the convention against funding terrorism, have been held by hardliners at the Guardian Council and Expediency Council after the initial approval by the parliament.

Researcher Ahmed Kebal, an expert on Iranian affairs, said that Iran ranks 136^th out of 175 countries in terms of corruption.

“The corruption runs deeply in Iran in a hierarchical form within the ruling regime,” Kebal told THE REFERENCE.

“Iran’s foreign minister has admitted that money laundering in Iran amounts to billions of dollars annually. He even accused some parties of money laundering,” he said.

The researcher added that for several months Iran has been seeking to join FATF to get economic and financial advantages to overcome the sanctions.