Anti-Money Laundering Law implemented in Iran

On February 27, 2008, Iran’s President Mahmoud Ahmadinejad has announced that the first anti-money laundering law will be implemented in Iran.

In the beginning of February, this anti-money laundering law was approved by the legislative watchdog the Guardians Council. Previously,t an international anti-money laundering watchdog called for closing loopholes in its financial system and limiting terrorist financing.

Iran’s economy minister will be the head of a new committee – the High Council for Combatting Money Laundering – along with the ministers of commerce, interior, intelligence, and the head of the Central Bank.

All legal bodies (the central bank, credit and financial institutions, commercial banks, insurance companies, charities, foundations and municipalities) are required to implement anti-money laundering regulations approved by the High Council for Combatting Money Laundering. The requirements obligatory under the new law from these organizations include the identification of clients, keeping records and reporting suspicious operations and transactions.

The Law was implemented after in January Iran met with the United States at a meeting of the Financial Action Task Force (FATF) in Paris.

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