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The Paris-based Financial Action Task Force (FATF) has given Iran an extension to fix its anti-money laundering regulations. Iran now has until June to comply or be blacklisted. But it is far from clear that the country’s political institutions can make the requisite headway over the next three months. This week’s controversy over the foreign minister’s “resignation” highlights Iran’s dysfunctional politics.
If Iran doesn’t fix its anti-money laundering and terrorism financing legislation to comply with FATF standards by June, it will be black-listed as non-cooperative, severely impeding Iran’s international trade which is already suffering from US sanctions ( MEES, 1 March ). (CONTINUED - 1128 WORDS)