CONTENT PREVIEW
Country Risk

Iran’s re-addition to FATF blacklist would further undermine likelihood of European mechanism for circumventing US sanctions

22 January 2019

Event

On 20 January, Iran’s Expediency Council rejected Parliament’s bill for ratifying the United Nations Convention against Transnational Organized Crime (UNTOC), or the Palermo Convention, sending the bill back to Parliament.

The Expediency Council is the appointed body tasked with arbitrating disagreements between the elected Parliament, which passes legislation, and the Guardian Council, which either endorses or rejects them. Parliament will now need to revise the bill before sending it once again to the Guardian Council for consideration. The Palermo bill is one of four separate bills tabled by Hassan Rouhani’s government to bring Iran’s anti-money laundering and counter financing of terrorism (AML/CFT) laws in line with Financial Action Task Force (FATF) standards.

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