Iran seeks to get out of FATF blacklist amid domestic political divisions

"The FATF also ramped up measures aimed at isolating Iran from global financial markets with a particular focus on virtual asset service providers (VASPs) and cryptocurrencies. It recommended member states and financial institutions around the world to: Refuse to establish representative offices of Iranian financial institutions and VASPs or consider the noncompliance risks involved. Prohibit financial institutions and VASPs from establishing offices in Iran."

"On a risk basis, limit business relationships or financial transactions, including virtual asset transactions, with Iran or people inside the country. Prohibit financial institutions and VASPs from establishing new correspondent banking relationships and require them to undertake a risk-based review of existing ties. Even the flow of funds involving humanitarian assistance, food and health supplies as well as diplomatic operating costs and personal remittances are recommended to be handled on a risk basis considering the terrorist financing or proliferation financing risks emanating from Iran."

"Iran says it will continue efforts to get out of a blacklist of a prominent global watchdog on money laundering and terrorism financing despite 20 years of obstruction from domestic opponents. The statement by the Financial Intelligence Unit of Iran's Ministry of Economic Affairs on Sunday came two days after the Paris-based Financial Action Task Force (FATF) renewed its years-long blacklisting of Iran, according to a report by the official IRNA news agency."

Iran says it will continue efforts to exit the Financial Action Task Force (FATF) blacklist despite two decades of domestic obstruction. The FATF renewed its years-long blacklisting and intensified measures to isolate Iran from global financial markets, with a particular focus on virtual asset service providers (VASPs) and cryptocurrencies. Recommended actions include refusing representative offices, prohibiting offices in Iran, limiting business relationships and virtual asset transactions, and banning new correspondent banking ties while reviewing existing ones. Humanitarian assistance, food, health supplies, diplomatic costs and remittances are to be handled on a risk basis. Iran remains listed alongside North Korea and Myanmar, with heightened measures in place since October 2019.

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