HALISTER1: FATF Keeps Iran on Blacklist Another Year, Warns on North Korea

FATF Keeps Iran on Blacklist Another Year, Warns on North Korea

(Bloomberg) -- The Financial Action Task Force decided to keep Iran on its blacklist of high-risk countries even as it welcomed the country’s moves to introduce anti-money laundering and anti-terror finance measures.
  • FATF urged countries to be on guard against North Korea, which is also on the same blacklist, as the country attempts to bypass UN sanctions to fund its nuclear weapons program
  • “The FATF welcomes Iran’s adoption of, and high-level political commitment to, an Action Plan to address its strategic” anti-money laundering and anti-terror financing deficiencies, the organization said at the end of its meeting in Seoul
  • FATF will suspend special restrictions against Iran for 12 months. If FATF determines that Iran has not demonstrated sufficient progress in implementing the action plan at the end of that period, FATF’s call for counter measures will be reimposed
  • NOTE: FATF draws its 37 members mainly from the Paris-based Organization for Economic Cooperation and Development. Other members include China, the European Commission and the Gulf Cooperation Council
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Source: BFW (Bloomberg First Word)

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