New Policy to Fight Money Laundering in Iran

On April 20, Governor of Central Bank of Iran (CBI) Mahmoud Bahmani discussed adoption of new approaches by CBI in fighting money laundering.

He said: “Gradually and upon entry of large bills to the economic system, Iran-checks, amounting to one million and half a million rials, will be collected from the market.” He added that, in the first phase, there will be an attempt to remove 500 000 rial Iran-checks from the market in order to control money laundering because large Iran-checks can cause problems as regards economic corruption and money laundering (they are not cross signed). According to Bahmani, “based on a new plan, banks will sell the remaining Iran-checks in the market with the signature of buyer so that if necessary they can be tracked down with this controlling system”.

Bahmani recalled that in the 1st half of 2009-2010 the industrial sector grew by 6.4% and the mine sector by 8.2%. However, growth of agro sector was negative – it decreased by 10% because of drought.

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