The former governor of the Central Bank of Iran highlighted the potential advantages of Iran’s compliance with Financial Action Task Force (FATF) requirements for anti-money laundering, particularly in strengthening worldwide banking transactions.
Valiola Seif advised the Donyae Extesado Economic Daily on Monday that complying with FATF laws might simplify transactions with nations equivalent to China and Russia, even when worldwide sanctions stay in place. He stated there may be.
“Currently, our worldwide banking relationships are utterly severed,” Saif stated, including that nations that adjust to U.S. sanctions could not change their conduct even after the sanctions are lifted. , defined that eradicating Iran from the FATF blacklist might enhance relations with Iran’s neighbors and pleasant nations. .
However, Seif warned that this answer was not a panacea, acknowledging that “whereas it’s a constructive step that may have a helpful impact, it is not going to utterly remedy our issues.”
Seif pressured the necessity to take some elementary steps to normalize Iran’s worldwide banking relations, together with compliance with monetary reporting requirements and company governance inside banks.
It has been 5 years since Iran was positioned on the FATF blacklist, leading to important financial losses and sanctions.
Seif stated leaving the FATF blacklist might sign Iran’s willingness to implement financial reforms and enhance worldwide relations.
He stated the measures, in parallel with political and financial methods, might cut back commerce prices, improve financial transparency and strengthen Iran’s place within the international monetary system.