FinCEN issues Guidance regarding money laundering in Iran
Previously, the FATF worries over terrorist financing and money laundering in Iran have been discussed. After the FATF determined that Iran’s lack of a comprehensive anti-money laundering and combating the financing of terrorism regime, the Financial Crimes Enforcement Network (FinCEN) issued guidance on this country.Â
On October 16, 2007, FinCEN has issued Guidance to Financial Institutions on the Increasing Money Laundering Threat Involving Illicit Iranian Activity, which is available online.
It should be noted that the quidance provides hyperlinks to both the FATF and UN documents on Iranian sanctions as well as discusses the use of intermediaries and shell companies, and the Free Trade Zone located in Iran’s Kish Island offshore centre, for evading sanctions.