Iran, North Korea, and Myanmar Remain on FATF's Blacklist

The Financial Action Task Force (FATF) voted again on Friday, July 8, to keep the Islamic Republic of Iran on its "blacklist for money laundering" and urged countries to take necessary actions against Iran, which has not ratified the Palermo and Terrorist Financing conventions. According to AFP, the FATF also warned North Korea about "illegal activities related to the proliferation of weapons of mass destruction and their financing" and encouraged countries to take countermeasures against Pyongyang. This organization had previously announced in Esfand last year that Iran would remain on its money laundering blacklist. The "blacklist" includes countries that FATF considers uncooperative in the global fight against money laundering and terrorist financing. Currently, only three countries—Islamic Republic of Iran, North Korea, and Myanmar—are on the FATF's blacklist. Iran's economy is becoming increasingly critical due to its continued presence on the FATF blacklist, refusal to accept the group's recommendations, and sanctions. Since October 2019, FATF has warned its members that enhanced scrutiny is necessary in financial relations with Iran and remains concerned about the risks of terrorist financing through Tehran and the threat this poses to the international financial system. The Islamic Republic was supposed to address strategic deficiencies by approving four bills, including those against transnational organized crime known as Palermo and those against terrorist financing, as well as money laundering conventions. Members of the Expediency Discernment Council opposed the review of the FATF bills, which had been put on the agenda at the insistence of then-President Hassan Rouhani, in 1399. Opponents of these bills in Iran argue that if they are approved, Iran's financial support to militia groups affiliated with Iran, such as Hezbollah in Lebanon, will face difficulties. Due to the Islamic Republic's refusal to take strategic actions, FATF has returned Iran to its blacklist and granted all countries the authority to act independently in financial transactions with Tehran. This organization has stated that Iran will remain on the blacklist until it addresses existing deficiencies. The sixth FATF meeting was held from July 3 to July 8, 1403, in Singapore. At the end of this meeting, FATF announced that Jamaica and Turkey had been removed from its gray list after addressing "identified deficiencies" in their efforts to combat money laundering and terrorist financing. In total, 21 countries, including Mali, Vietnam, and Yemen, are on FATF's gray list, with Turkey having been on this list since October 2021.