The Iranian Parliament approved a bill on the country’s accession to Combating the Financing of Terrorism (CFT) treaty –a series of standards set by the FATF (Financial Action Task Force).

In an open session of the Parliament on Sunday, the lawmakers ratified the bill that allows the government to join CFT.

At the conclusion of speeches by proponents and opponents of CFT, including comments by Iranian Foreign Minister Mohammad Javad Zarif, 143 lawmakers voted in favor of the bill on joining CFT, while 120 voted against it and 5 abstained, Tasnim news agency reported.

On June 30, the Financial Action Task Force said Iran had until October to complete reforms that would “bring it into line with global norms or face consequences” that could further deter investors from the country.

To fulfill FATF requirements, President Hassan Rouhani’s administration has proposed four bills to the parliament for approval, two of which are still undecided, including the Palermo Convention.

On June 10, the Iranian parliament passed a law allowing the country to join the United Nations Convention against Transnational Organized Crime (UNTOC), but has decided to put on hold debates on accession to the Financial Action Task Force (FATF) for two months.

Iran’s parliament had in May adopted new amendments proposed by the government to the country’s Anti-Money Laundering (AML) law as part of efforts to improve connections to the international banking and trade system.

Combating the Financing of Terrorism (CFT) involves investigating, analyzing, deterring and preventing sources of funding for activities intended to achieve political, religious or ideological goals through violence and the threat of violence against civilians.

Source: Iranian media