FATF Urges Countermeasures Against Iran for AML, Terrorism Financing Concerns
The Financial Action Task Force said Iran has not addressed its “deficiencies” in its anti-money laundering and anti-terrorism financing controls and urged members to “apply effective counter-measures” against the country, according to a Feb. 21 FATF press release. Countermeasures include…
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greater due diligence when doing business with Iran, including greater “supervisory examination” of subsidiaries within the country and “increased external audit requirements.” The FATF said Iran has failed to address a host of terrorism and money-laundering concerns, including “adequately criminalizing terrorist financing,” freezing terrorist assets in line with United Nations Security Council resolutions and verifying wire transfers.