U.S. Secretary of State, Mike Pompeo has once again urged the Islamic Republic of Iran to ratify the conditions set by Financial Action Task Force (FATF) and respect international laws and regulations against financing terrorism and money laundering.
In a tweet on Wednesday, February 12, Mike Pompeo affirmed, "It is past time for Iran to live up to its commitment to play by the global rules to combat money laundering and terror financing. Iran must ratify the Palermo Convention and Terrorist Financing Convention now."
Almost all countries have adopted the FATF standards, and Iran should not be treated as an exception, Pompeo has maintained.
FATF, the Paris-based global financial watchdog issued a four-month deadline in mid-October, giving Tehran a last and final chance to comply with international anti-money laundering rules by February 21, 2020.
The Financial Action Task Force (FATF) a G-7 supported international watchdog based in Paris, in 2017 demanded Iran to reform its legal system and banking practices by following international conventions, in order to become eligible for unrestricted international banking relations. FATF has put Iran on its blacklist, pending legal reforms by Tehran.