FATF gives Iran until Feb 2020 to tighten anti-money laundering rules

FATF tells Iran to comply with international norms after which it would urge all its members to apply counter-measures

ISLAMABAD: A global dirty money watchdog said on Friday it had given Iran a final deadline of February 2020 to comply with international norms after which it would urge all its members to apply counter-measures.

"If before February 2020, Iran does not enact the Palermo and Terrorist Financing Conventions in line with the FATF Standards, then the FATF will fully lift the suspension of counter-measures and call on its members and urge all jurisdictions to apply effective counter-measures, in line with recommendation 19," it said in a statement.

That meant countries should apply countermeasures when called upon to do so by the FATF and should also be able to do so independently of any call by the FATF, it added.