Iran's accession to FATF postponed

The head of the National Security Commission of Majlis had said that the bill needed two months for further investigation.

'We hold in abeyance the bill for two months,' said the Speaker of Majlis Ali Larijani.

The delay was passed by 138 ayes, 103 nays, and 6 abstentions.

A number of conservative Iranian lawmakers, who are members of the Velayat (Jurisprudence) faction, issued a statement on Saturday calling on other fellow parliamentarians not to approve the legislation on joining the Financial Action Task Force (FATF) as the U.S. pullout from the nuclear agreement has put the fate of the accord in disarray.

The statement said since the U.S. intends to impose “crippling” sanctions on Iran an approval of the FATF will pave the way for the U.S. to get access to all the economic and banking transactions by Iran.

“Now that the future of the JCPOA [the 2015 nuclear deal] has become vague after the withdrawal of the U.S. and the order to return the sanctions, it is illogical to join the FATF,” the statement said.

On May 8, U.S. President Donald Trump withdrew from the UN-endorsed nuclear agreement and ordered a return of sanctions on Iran.

U.S. Secretary of State Mike Pompeo announced on May 21 that the U.S. will apply economic and military pressure against Iran and will impose “the strongest sanctions in history” on the Islamic Republic.

The FATF is a set of measures designed to make financial affairs transparent and verifiable.

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