Nigeria

Terrorism funding: Global body, FATF blacklists Iran, gives reason

Iran was on Friday blacklisted after it failed to comply with international anti-terrorism financing norms after more than three years of warnings.

Paris-based Financial Action Taskforce (FATF) asked Iran to either enact terrorist financing conventions or see its reprieve from the blacklist lifted and some 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.

“It also called on its members and urges all jurisdictions to apply effective counter-measures,” FATF’s 39 members said in a statement.

Henceforth, there would be more scrutiny of transactions with Iran, tougher external auditing of financing firms operating in the country and extra pressure on foreign banks and businesses still dealing with Iran.

“I can assure our nation that it will have no impact on Iran’s foreign trade and the stability of our exchange rate,” Reuters quoted an official as saying.

The FATF added that countries should also be able to apply countermeasures independently of any call by the FATF to do so.