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situation report

Oct 8, 2018 | 19:16 GMT

2 mins read

Iran: Lawmakers Approve Bill Against Terrorism Financing

What Happened: Iran's parliament passed a controversial bill designed to combat financing for terrorism in a hotly contested vote on Oct. 7, Deutsche Welle reported.

Why It Matters: The close vote on the Combating the Financing of Terrorism bill highlights the controversial nature of Iranian President Hasan Rouhani's goal of normalizing ties with the international financial system and ensuring Iran's removal from the Financial Action Task Force's (FATF) blacklist. Achieving the goal is crucial to Rouhani's plan to boost private sector development in Iran, but the country's security and intelligence establishment fears that such action will limit the Islamic republic's ability to support critical allies and regional militant groups as part of its asymmetric defense strategy.

Background: Iran's government is currently working to pass three bills designed to bring the country into compliance with the FATF before the intergovernmental organization has its next plenary meeting on Oct. 14. The FATF suspended active countermeasures against Iran's banking and financial sector pending the completion of Tehran's plan for promised reforms, which was launched in June 2016.

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