Chamber head urges CFT ratification to facilitate FATF delisting
Iran Chamber of Commerce, Industries, Mines and Agriculture called on the Expediency Council to prioritize approval of the CFT bill, describing the approval as a critical step toward securing Iran’s removal from the FATF blacklist.
Samad Hassanzadeh, the head of the chamber, welcomed the approval of Iran’s recent accession to the United Nations Convention Against Transnational Organized Crime (Palermo Convention), stating, "We expect the Expediency Council to prioritize approving the CFT bill as well, so that the groundwork can be laid for Iran’s complete removal from the FATF blacklist.”
On Wednesday, the Expediency Council conditionally approved Iran’s accession to the Palermo Convention following three general council sessions and five joint commission meetings.
Speaking at the opening session of the Chamber’s Representatives Council on Sunday, Hassanzadeh said, "After the Expediency Council revisited the process of joining FATF-related conventions, renewed hopes emerged among economic stakeholders and the broader private sector community for reducing transaction risks and enhancing transparency in the country’s banking and financial systems."
"Accession to the Palermo Convention is a prudent measure to mitigate transaction risks and improve the transparency of Iran’s banking and financial framework. This marks a critical step toward removing Iran from the FATF blacklist," he emphasized.
Hassanzadeh added that "full cooperation with the Financial Action Task Force (FATF), even amid sanctions, will yield significant achievements in facilitating commercial relations and reducing transaction costs."
"We expect the Expediency Council to place the approval of CFT on its agenda to secure Iran’s full exit from the FATF blacklist," he concluded.
Iran’s accession to these two conventions remains the sole obstacle to the country’s membership in the FATF. Resolving the issue would enable Iran to soon exit the FATF’s “blacklist,” which outlines recommendations for combating financial crimes, including terrorism financing and money laundering.
With one bill now approved, the council’s decision on the second bill (CFT) must be finalized to remove remaining barriers to Iran’s FATF membership.
Since 2009, when Iran began preliminary steps to join FATF, its economy has endured 16 turbulent years. Even at the height of oil and banking sanctions due to non-membership, Iran incurred significant costs in financial, banking, and trade transactions.