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Iran approved new measures against terrorist financing

Iran

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Iran’s parliament has approved new measures against terrorist financing, hoping that the move will bring Tehran closer to global standards and help bring the country out of “blacklists” for investments amid renewed US sanctions.

The measures that will allow Iran to join a convention against terrorist financing should be approved by a clergy council before it gets legal power. Tehran indicated that it is endeavoring to introduce international standards against money laundering and terrorist financing, set by the Financial Action Task Force (FATF), but faces difficulties in adopting measures.

The hardliners in parliament are opposed to legislation to bring Iranian regulations closer to the rules of the working group, as they would in turn make financial support for Iranian allies, such as the Lebanese Hezbollah movement, which the United States describes as a terrorist organization.

The Working Group for Financial Action has given Tehran a deadline of October to complete reforms or face repercussions that could further deter investors from the country.

According to foreign companies, legislation that includes the organization’s guidelines would be crucial for a possible increase in their investment.