Joining FATF key to attracting foreign investment
By Reza Sepahvand
Iranian MP
The Financial Action Task Force (FATF), a global banking treaty, aims to combat money laundering by ensuring the transparent flow of funds. It requires that the origin and destination of funds be clearly identified to prevent dirty money from infiltrating monetary systems. Countries embracing FATF internationally commit to its recommendations and FATF, in turn, should also be open to their suggestions.
Joining FATF cannot be seen inherently detrimental. When a global power like Russia and its President Vladimir Putin urges BRICS nations to combat money laundering and avoid being blacklisted, it sends a powerful message to Iran. It implies that major powers like Russia does not wish to be on the blacklist.
Russia’s stance is understandable, especially since it faces sanctions, some of which may even be harsher than those imposed on Iran. Yet, Russia values its banking ties with economic partners and friendly nations and recognizes its people’s need for global banking access, hence its desire to avoid being blacklisted.
In fact, non-membership in FATF does not penalize governments but puts the interests of their people at stake.
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