Global Task Force Imposes Continued Surveillance of Terrorism Funding in Iran

Published by Matt Fishman on

Yesterday June 21, 2019 the Financial Action Task Force (FATF), the global organization “combating the financing of terrorism”, called “upon members and [urged] all jurisdictions to require increased supervisory examination for branches and subsidiaries of financial institutions based in Iran” (1). The global task force noted Iran’s need to begin “adequately criminalizing terrorist financing”, “identifying and freezing terrorist assets,” and “ensuring that financial institutions verify” wire transfer’s sanctity, among other needs (1). The FATF acknowledged “the progress that Iran made including with the passage of [its] Anti-Money Laundering Act” as well as the fact “Iran has enacted amendments to its Counter-Terrorist Financing Act” (1). However, until “Iran implements the measures [sufficient] to countering terrorism-financing…, the FATF will remain concerned with the terrorist financing risk emanating from Iran and the threat this poses to the international financial system” (1). As such, the task force announced yesterday it will “continue to advise their financial institutions to apply enhanced due diligence with respect to business relationships and transactions with natural and legal persons from Iran” (1).



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