08 March 2016
The CFT law was ratified by the Assembly of Islamic Council (parliament) and approved by the Guardian Council on 3 March 2016.
According to a report by CBI public relations department, this law is of primary importance both from domestic and international aspects. Considering the importance of this bill, the Central Bank of Iran (CBI) from the starting point played a major role in preparation of its draft and, later, pursued its ratification by the parliament and Guardian council.
Several meetings were held with the presence of high-ranking authorities from the Judiciary, CBI, and the Ministry of Finance and Economic Affairs. The meetings aimed at making the bill compliant with the latest international standards as well as local needs. Fortunately, the efforts paid and the law was ratified.
The report emphasizes that lack of such a law in the past led to putting the name of Iran in the black list by the international organizations which are active in the fields of AML and CFT and was an obstacle on the way of establishing and maintaining correspondence relations between the banks. After lifting of sanctions related to nuclear issues, ratification of CFT law was a major event which paves the ground for enhancement of trade relations with other countries. It is expected that the new developments would result in facilitation of international banking trends so that the banks would be able to provide their customers with more diversified services in shorter time and with lower costs.