situation report

Feb 22, 2019 | 13:28 GMT

1 min read

Iran: Financial Action Task Force Extends Action Plan Deadline

What Happened: The Financial Action Task Force (FATF) has granted Iran another deadline extension to implement its action plan until the task force's next plenary session in June, Reuters reported Feb. 22.

Why It Matters: The deadline extension will give Iran additional time to debate some of the final legislation required to comply with the action plan. France, Germany and the United Kingdom have demanded Iran to fulfill the action plan's requirement in exchange for the establishment of a payment channel, known as the instrument in support of trade exchanges (INSTEX), although Tehran has criticized this requirement.

Background: Tehran launched its FATF action plan in 2016 in an attempt to convince the task force to remove Iran from its list of countries with a financial system that enables money laundering and terrorist financing. If Iran does not make significant progress on the action plan, the FATF will reintroduce active countermeasures, such as increased supervisions of Iranian banks, including inspections and transaction controls.

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