By Pooya Stone
The world’s anti-money laundering and terror-financing body reimposed a restriction on Iran on Friday for failing to comply with financial transparency efforts, despite being given multiple opportunities.
The Financial Action Task Force (FATF) called on all members and their jurisdictions to require increased “supervisory examination” of Iran-based branches and subsidiaries of their banks. This restriction had been suspended for three years.
FATF was responding to what US Treasury Secretary Steven Mnuchin told their meeting in Orlando, Florida, was Iran’s “willful failure to address its systemic money laundering and terrorist financing deficiencies”.