Iran's Supreme Leader Approves Review of Palermo, CFT Conventions by Expediency Council

Dec 31, 2024, 08:30 AM

Iran's Supreme Leader Ayatollah Ali Khamenei has agreed to the renewed discussion of two key Financial Action Task Force (FATF) conventions—Palermo and Combating the Financing of Terrorism (CFT)—within the Expediency Council. This decision was conveyed by Iran's Minister of Economic Affairs and Finance, Abdolnaser Hemmati, who stated that he heard the news from President Masoud Pezeshkian on December 31, 2024. The Palermo and CFT conventions, which aim to combat transnational organized crime and terrorism financing, were previously approved by Iran's parliament but faced objections from the Guardian Council. These conventions have been stalled in the Expediency Council since 2019. Iran remains on the FATF's blacklist since 2020, which has restricted its financial and banking relations internationally. The government has expressed its commitment to resolving the issue, citing potential benefits such as easing financial restrictions and countering efforts to isolate Iran's financial system.