Iran was warned over money laundering
On October 12, 2007, the Paris-based Financial Action Task Force, an international financial watchdog, said it was worried about Iran’s lack of comprehensive measures for fighting terror financing and money laundering. The organisation suggested that its problem is “a significant vulnerability within the international financial system”, which includes lack of satisfactory legislation and regulations.
The FATF contacted Iran, along with other countries, in order to ask them to reveal and erase vulnerabilities in their systems. Iran was the only country not to respond. The other countries were not named by the organisation’s representative.
Rick McDonell, the group’s executive secretary said, “The FATF has repeatedly attempted to engage with Iran,” and added, “To date this has proved impossible, although this is still our aimâ€.