FATF anti-money laundering group raises Iran risks

Reuters: An international anti-money laundering body will alert members on Thursday to deficiences in Iran’s system of combating money laundering and terrorism financing, a U.S. Treasury official said. DUBAI, Feb 28 (Reuters) – An international anti-money laundering body will alert members on Thursday to deficiences in Iran’s system of combating money laundering and terrorism financing, a U.S. Treasury official said.

“FATF confirms its call to all its members and urges all jurisdictions to advise their financial institutions to take the risk arising from deficencies in Iran’s anti-money laundering and counter-financing of terrorism regimes into account for enhanced due diligence,” said Stuart Levey, undersecretary for terrorism and financial intelligence, reading from a statement.

The Paris-based Financial Action Task Force, or FATF, is a 34-nation group set up by the Group of Seven industrial nations in 1989 to fight money laundering and terrorist financing. (Reporting by James Cordahi)