Global watchdog places Iran on terrorism financing blacklist

The Paris-based Financial Action Taskforce (FATF), a global dirty money watchdog, placed Iran on its blacklist on Friday after it failed to comply with international anti-terrorism financing norms.

The decision came after more than three years of warnings urging the Islamic Republic to either enact terrorist financing conventions or have its amnesty from the blacklist revoked and see counter-measures imposed.

“Given Iran’s failure to enact the Palermo and Terrorist Financing Conventions in line with the FATF Standards, the FATF fully lifts the suspension of counter-measures and calls on its members and urges all jurisdictions to apply effective counter-measures,” the group’s 39 members said in a statement after a week-long plenary session.

The United States commended the task force’s action after what it said was Tehran’s failure to adhere to FATF’s standards. Iran “must face consequences for its continued failure to abide by international norms,” U.S. Secretary of State Mike Pompeo said in a statement.

Washington has pushed a policy of “maximum pressure” on Iran, saying a broader deal should be negotiated to encompass nuclear issues, Iran’s ballistic missile program and Iranian support for proxy forces around the Middle East.

Iran’s leaders have been divided over approach to the FATF. Supporters of cooperation say it could ease foreign trade with Europe and Asia, offsetting U.S. sanctions. Hardliners argue that passing legislation to join the FATF could hamper Iran’s support for its allies, including Lebanon’s Hezbollah.

In another important decision on Friday, the FATF granted Pakistan an extra four months to meet anti-terrorism financing norms, keeping Islamabad for now on its “grey list” of countries that do not adequately comply with its rules.

SOURCE (REUTERS)