Latest news with #CombatingtheFinancingofTerrorism
Straits Times
14-05-2025
- Business
- Straits Times
Iran moves closer to compliance with global dirty money watchdog's rules
A general view of vehicular traffic in Tehran, Iran, February 1, 2023. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS ATTENTION EDITORS - THIS PICTURE WAS PROVIDED BY A THIRD PARTY. DUBAI - Iran's top arbitration body has approved a bill that could help remove Tehran from the blacklist of a global financial crime watchdog, state media reported on Wednesday, potentially advancing efforts to widen trade and investment opportunities. Iran has been on the blacklist of the Paris-based Financial Action Task Force since 2020, after failing to comply with international standards on anti-terrorism financing and fighting organised crime. The presence of the sanctions-hit country on the list has deepened its isolation from financial markets. Iran's Expediency Council approved the Palermo Convention against transnational organised crime in the framework of local laws, state media said. The council said it will study joining the Combating the Financing of Terrorism (CFT) bill in upcoming sessions. While foreign businesses say Iran's compliance with FATF rules is essential if it wants to attract investors, Iranian authorities are divided over the merits of such a step. Iran's moderate government supports compliance, as it could ease foreign trade with Europe and Asia at a time when the country's economy is targeted by U.S. sanctions. President Masoud Pezeshkian said in 2024 that Tehran had no choice but to "fix issues" related to FATF. In contrast, hardliners in the Islamic Republic argue that passing legislation to abide by FATF standards could hamper Iran's support for its paramilitary allies around the region, including Lebanon's Shi'ite militant Hezbollah group. The Expediency Council is a body that mediates in disputes between parliament and the Guardian Council, a panel of clerics and jurists overseen by Supreme Leader Ayatollah Ali Khamenei. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
Reuters
14-05-2025
- Business
- Reuters
Iran moves closer to compliance with global dirty money watchdog's rules
DUBAI, May 14 (Reuters) - Iran's top arbitration body has approved a bill that could help remove Tehran from the blacklist of a global financial crime watchdog, state media reported on Wednesday, potentially advancing efforts to widen trade and investment opportunities. Iran has been on the blacklist of the Paris-based Financial Action Task Force since 2020, after failing to comply with international standards on anti-terrorism financing and fighting organised crime. The presence of the sanctions-hit country on the list has deepened its isolation from financial markets. Iran's Expediency Council approved the Palermo Convention against transnational organised crime in the framework of local laws, state media said. The council said it will study joining the Combating the Financing of Terrorism (CFT) bill in upcoming sessions. While foreign businesses say Iran's compliance with FATF rules is essential if it wants to attract investors, Iranian authorities are divided over the merits of such a step. Iran's moderate government supports compliance, as it could ease foreign trade with Europe and Asia at a time when the country's economy is targeted by U.S. sanctions. President Masoud Pezeshkian said in 2024 that Tehran had no choice but to "fix issues" related to FATF. In contrast, hardliners in the Islamic Republic argue that passing legislation to abide by FATF standards could hamper Iran's support for its paramilitary allies around the region, including Lebanon's Shi'ite militant Hezbollah group. The Expediency Council is a body that mediates in disputes between parliament and the Guardian Council, a panel of clerics and jurists overseen by Supreme Leader Ayatollah Ali Khamenei.
Yahoo
14-05-2025
- Business
- Yahoo
Iran moves closer to compliance with global dirty money watchdog's rules
DUBAI (Reuters) - Iran's top arbitration body has approved a bill that could help remove Tehran from the blacklist of a global financial crime watchdog, state media reported on Wednesday, potentially advancing efforts to widen trade and investment opportunities. Iran has been on the blacklist of the Paris-based Financial Action Task Force since 2020, after failing to comply with international standards on anti-terrorism financing and fighting organised crime. The presence of the sanctions-hit country on the list has deepened its isolation from financial markets. Iran's Expediency Council approved the Palermo Convention against transnational organised crime in the framework of local laws, state media said. The council said it will study joining the Combating the Financing of Terrorism (CFT) bill in upcoming sessions. While foreign businesses say Iran's compliance with FATF rules is essential if it wants to attract investors, Iranian authorities are divided over the merits of such a step. Iran's moderate government supports compliance, as it could ease foreign trade with Europe and Asia at a time when the country's economy is targeted by U.S. sanctions. President Masoud Pezeshkian said in 2024 that Tehran had no choice but to "fix issues" related to FATF. In contrast, hardliners in the Islamic Republic argue that passing legislation to abide by FATF standards could hamper Iran's support for its paramilitary allies around the region, including Lebanon's Shi'ite militant Hezbollah group. The Expediency Council is a body that mediates in disputes between parliament and the Guardian Council, a panel of clerics and jurists overseen by Supreme Leader Ayatollah Ali Khamenei.
Arab News
11-02-2025
- Business
- Arab News
In unprecedented development, Pakistan chief justice meets visiting IMF team
KARACHI: In a rare development on Tuesday, an International Monetary Fund (IMF) delegation visiting Pakistan met the country's chief justice for discussions on judicial reforms, accountability and the recent controversial restructuring of a commission that recommends judges for Pakistan's superior courts. The finance ministry said on Sunday a three-member IMF mission would visit Pakistan in the coming week to conduct a Governance and Corruption Diagnostic Assessment under the country's 2024 Extended Fund Facility program for a $7 billion loan. The ministry said the mission's report would recommend actions for addressing corruption vulnerabilities and strengthening integrity and governance, with the findings helping to shape structural reforms. On Tuesday, the Supreme Court said in a press release the IMF team led by Joel Turkewitz had met with Chief Justice Yahya Afridi. The statement quoted the CJ as saying he would be 'quite guarded' in his comments to the IMF team and the judiciary was 'not used to direct interaction with such missions,' but it was taking place on the request of the finance division. 'He then highlighted key Constitutional developments with respect to the Judicial Commission of Pakistan and reforms, including senior-level judicial appointments, judicial accountability, and the restructuring of the Judicial Commission of Pakistan (JCP). He elaborated on the merits of integrating the judiciary and the parliamentary committee to ensure a more transparent and efficient judicial selection process,' the SC statement said. Discussions during the meeting also centered on judicial accountability and mechanisms for addressing complaints against judges. 'The Chief Justice emphasized the importance of a robust and fair accountability process to uphold the integrity and independence of the judiciary,' the statement said. The finance ministry statement on Sunday had said the focus of the visiting mission would be to 'examine the severity of corruption vulnerabilities across six core state functions.' 'These include fiscal governance, central bank governance and operations, financial sector oversight, market regulation, rule of law, and Anti-Money Laundering and Combating the Financing of Terrorism,' it read. The finance ministry said the IMF had long provided advice and technical assistance to foster good governance such as promoting public sector transparency and accountability. 'Traditionally the IMF's main focus has been on encouraging countries to correct macroeconomic imbalances, reduce inflation, and undertake key trade, exchange, and other market reforms needed to improve efficiency and support sustained economic growth,' the finance ministry said on Feb. 9. 'While these remain its main focus in all its member countries, however the IMF has found that a much broader range of institutional reforms is needed if countries are to establish and maintain private sector confidence and thereby lay the basis for sustained growth.' The IMF identified that promoting good governance in all its aspects, including ensuring the rule of law, improving the efficiency and accountability of the public sector, and tackling corruption, 'are essential elements of a framework within which economies can prosper,' the ministry said, welcoming the IMF's technical support and saying the assessment would aid efforts to promote transparency and institutional capacity. The South Asian country, currently bolstered by a $7 billion IMF facility granted in September, is navigating an economic recovery. The IMF is set to review Pakistan's progress by March, with the government and central bank expressing confidence about meeting its targets.
