Iran Approves Anti-Money Laundering Bill

January 5, 2019

Publication: 

Reuters

Iran's Expediency Council approved, with some changes, an anti-money laundering bill intended to help the country meet standards set by the Financial Action Task Force (FATF). This approval resolves a dispute between Iran's Parliament, which passed the bill last year, and the Guardian Council, which subsequently rejected the bill. Iran's compliance with FATF standards and its removal from the organization's blacklist are critical to facilitating foreign trade, including through the Special Purpose Vehicle (SPV) payment mechanism planned by the European Union.