THE Financial Action Task Force (FATF) on Friday gave Iran four months to pass new laws or face sanctions, local media reported.

FATF, an international task force against money-laundering and the funding of terrorism, met in Paris, acknowledged that Iran had taken a series of measures since 2017 however said more legislation was needed.

It called on Iran to change domestic rules that offer an exemption to organisations designated as terrorist by the UN Security Council if they are “attempting to end foreign occupation, colonialism or racism.”

Tehran also needed to fully identify and freeze “terrorist assets” in line with Security Council resolutions, said the task force, which includes all five permanent Security Council members as well as India and most western European states.

North Korea is the only country currently under FATF sanctions, which effectively impede financial transactions with the rest of the world.

However, unilateral U.S. sanctions also impede Iran’s financial links with many countries. (dpa/NAN)

– Feb. 22, 2019 @ 15:35 GMT |