Iran Officially Approves Joining Convention on Fighting Terrorism Financing

President Masoud Pezeshkian has officially communicated a law on Iran’s accession to the International Convention for the Suppression of the Financing of Terrorism (CFT). In a letter on Tuesday, Pezeshkian notified relevant executive institutions of the law approving Iran’s accession to the convention.

The Expediency Council had conditionally approved Iran’s accession to the CFT during its session on October 1. Mohsen Dehnavi, spokesperson for the council, outlined the conditions set by Iran for joining the convention, explaining that the Parliament had stipulated that Iran’s compliance with the convention’s provisions would be within the framework of the Constitution.

The spokesperson added that the council introduced an additional condition, stating that the Islamic Republic would act in accordance with both its Constitution and domestic laws. He emphasized that if any provisions of the convention were to conflict with Iran’s domestic regulations, domestic laws would take precedence.

The Financial Action Task Force (FATF), an international coalition for combating money laundering and terrorist financing, which is headquartered in Paris, blacklisted Iran in 2020 mainly for not adopting the Palermo Convention and the CFT.

After halting debates on the two conventions over concerns they might undermine Iran’s financial independence, the Expediency Council approved the Palermo convention in May. Officials with the Iranian Ministry of Economic Affairs and Finance say the FATF would start to reconsider its designation of Iran only after the country approves the CFT.

Iran finally approved the CFT in early October, although the FATF has yet to be officially notified of the move by the Foreign Ministry, which would take place after the UN confirms Iran has joined the convention.

The finance ministry said in a statement on Tuesday that the FATF would probably discuss Iran’s approval of the CFT in its upcoming meetings. Iran is under a harsh regime of unilateral US sanctions, which makes it difficult for the country to engage in normal banking and financial relations with other countries. Economic experts say Iran should be removed from FATF’s blacklist to be able to maintain its ongoing trade and business relations with countries that reject UN and US sanction policies against Tehran. - Press TV