Iran's Leader Approves Palermo, CFT Bill Review by Expediency Council

Dec 31, 2024, 11:44 AM

Iran's Supreme Leader Ayatollah Ali Khamenei has approved the review of two critical bills related to the Financial Action Task Force (FATF) by the Expediency Discernment Council. These bills, concerning the Palermo and CFT conventions, aim to address international concerns over money laundering and terrorism financing. The review follows years of stalled discussions after the Guardian Council rejected the bills, leading to their referral to the Expediency Council in 2019 for mediation. Hardliners have opposed the conventions, citing national security risks. The FATF has kept Iran on its blacklist, citing high risks related to money laundering and terrorism financing, which have hindered the country's international banking operations. The decision to revisit the bills comes amid economic challenges and ongoing efforts to ease foreign trade restrictions.