Watchdog warns Iran on terror financing

paris — A global financial watchdog Force has given Iran until February to crack down on terrorism funding or risk deeper economic isolation.

The Financial Action Task Force (FATF) said on Friday it would effectively blacklist Iran if it doesn’t fulfil 10 promises made to pass and enforce laws against financing terrorist groups.

Iran has long-provided support to the Lebanese Hezbollah militant group and Palestinian armed groups, which Western countries view as terrorist organizations.

Worried about renewed US sanctions over its nuclear program, Iran’s parliament voted this month to join a global convention against terror financing, but the bill hasn’t been ratified yet.

The FATF, an intergovernmental group based in Paris, gave Iran four more months to comply. If it doesn’t, the FATF could take measures further discouraging or hindering foreign investment in Iran.

“We expect Iran to move swiftly to implement the commitments that it undertook at a high level so long ago,” said Marshall Billingslea, the US assistant Treasury Secretary for terrorist financing, after chairing an FATF meeting.

“In line with that, we expect that it will have adopted all of these measures by February. If by February 2019 Iran has not yet done so, then we will take further steps,” he said.

In the mean time, the FATF said it had decided to continue suspending counter-measures, which can go as far as limiting or even banning transactions with a country. —

We expect Iran to move swiftly to implement the commitments that it undertook at a high level so long ago

Marshall Billingslea, US assistant terror Treasury Secretary for financing