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DIFFERENT ANGLE by Kenneth Rijock
DIFFERENT ANGLE by Kenneth Rijock
Financial Crime Consultant, for World-Check
FATF warns again on Iran's AML/CFT deficiencies
1 March 2008
The Financial Action Task Force (FATF) has again cautioned the global financial community on Iran, following up on its earlier statement, which was published in October. Whilst acknowledging that Iran has committed itself to improving its AML/CFT regime, it still warns financial institutions to practice enhanced due diligence. See below for the entire text of the FATF Statement.
IRAN
"Since its October 2007 Plenary meeting, the FATF has engaged with Iran and welcomes the commitment made by Iran to improve its AML/CFT regime. Consistent with its Statement on Iran, dated 11 October 2007, the FATF confirms its call to its members and urges all jurisdictions to advise their financial institutions to take the risk arising from the deficiencies in Iran's AML/CFT regime into account for enhanced due diligence;. Iran is encouraged to continue its engagement with the FATF and the international community to address, on an urgent basis, its AML/CFT deficiencies."
For those few institutions that still deal with Iran, this Statement is a blunt warning to exercise enhanced due diligence with respect to all transactions, on account of major AML and CFT deficiencies. Whilst some diplomatic language is employed, its meaning is clear; be extremely careful.
"Since its October 2007 Plenary meeting, the FATF has engaged with Iran and welcomes the commitment made by Iran to improve its AML/CFT regime. Consistent with its Statement on Iran, dated 11 October 2007, the FATF confirms its call to its members and urges all jurisdictions to advise their financial institutions to take the risk arising from the deficiencies in Iran's AML/CFT regime into account for enhanced due diligence;. Iran is encouraged to continue its engagement with the FATF and the international community to address, on an urgent basis, its AML/CFT deficiencies."
For those few institutions that still deal with Iran, this Statement is a blunt warning to exercise enhanced due diligence with respect to all transactions, on account of major AML and CFT deficiencies. Whilst some diplomatic language is employed, its meaning is clear; be extremely careful.
The facts and opinions stated in this article are those of the author and not those of World-Check. World-Check does not warrant the accuracy of any facts and opinions stated in this article, does not endorse them, and accepts no responsibility for them.
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