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MP: Approval of FATF-related bills positive for Iran’s economy

Service : Politic
Tehran, Oct 6, ICANA – An Iranian lawmaker said approval of FATF-related bills will help balance the foreign exchange market.
Sunday, October 07, 2018 9:00:00 AM

FATF which stands for Financial Action Task Force introduces itself as an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions.

The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.

The FATF is therefore a “policy-making body” which works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.

Talking to ICANA, Alireza Rahimi said approval of FATF is a necessity for Iranian banking system and will help stability of Iran’s economy.

He added the move would close Iranian banking system to the global standards.

He added that the US, Zionist regime and Saudi Arabia are considering not adaptation of these bills in Iran to exert more pressure on the Islamic Republic.

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