Tehran Friday Prayer Leader Calls for Rejection of FATF Bills in the Expediency Council

While some members of the Expediency Council have predicted that the bills related to the implementation of Financial Action Task Force (FATF) regulations will be approved in this body, the Tehran Friday Prayer Leader has called for their rejection. According to ISNA news agency, Kazem Sedighi described the approval of FATF-related bills in Iran as 'self-sanctioning.' He added, 'If we can circumvent sanctions today, FATF will increase the enemy's intelligence oversight over our banking resources.' Referring to the review of FATF-related bills in the Expediency Council, he stated, 'We have hope in the Expediency Council and know that they think about dignity and independence like the Guardian Council.' Last week, Sedighi also thanked the Guardian Council for rejecting the bill for Iran's accession to the Convention on Combating the Financing of Terrorism, calling the implementation of FATF regulations 'capitulation' and 'humiliating.' The bill for Iran's accession to the Convention on Combating the Financing of Terrorism, which is referred to as the 'most important' bill related to the implementation of FATF regulations, is awaiting further consideration by the Guardian Council after the Parliament addressed its previous objections. The Parliament has also insisted on certain clauses of this law, and the Expediency Council must comment on them. Of the other three FATF bills, including the 'Bill to Amend the Law on Combating the Financing of Terrorism,' 'Bill to Amend the Anti-Money Laundering Law,' and 'Palermo Bill,' only the first has been approved by the Guardian Council, while the status of the others remains unclear. Meanwhile, Majid Ansari, a member of the Expediency Council, announced in a television program that the 'Bill to Amend the Anti-Money Laundering Law' will be reviewed in this body on Saturday. Ansari predicted that these bills would be approved in the Expediency Council. Previously, Ali Larijani, the Speaker of Parliament, and some other representatives had reported that European banks and even banks from 'friendly countries' have stated that the approval of FATF-related bills is a condition for cooperation with Iran. Meanwhile, President Hassan Rouhani emphasized that if the FATF-related bills are not approved, financial transactions for Iran will become 20% more expensive, stating that the costs of not approving these bills and the absence of the JCPOA should be communicated to the people, and their opinions should be sought. On October 19, the FATF expressed regret that most of Iran's commitments remain unresolved, while extending Iran's suspension from the group's blacklist for another four months, which was welcomed by Islamic Republic officials. The International Monetary Fund has also advised Iran to implement anti-money laundering and counter-terrorism financing measures before the FATF deadline in February 2019.