Ensure enhanced due diligence in fin dealings with Iran: FATF

The Financial Action Task Force (FATF) has asked member countries, including India, to apply "enhanced due diligence" in dealings with Iran.
The inter-governmental body has come out with a list of countries and jurisdictions in the context of substantial money laundering and terrorist financing.
The FATF currently comprises 35 member jurisdictions and two regional organisations, representing most major financial centres in all parts of the globe.
The Reserve Bank posted FATF's statement in this regard on its website today.
"Jurisdiction of Iran is subject to a FATF call on its members to apply enhanced due diligence measures proportionate to the risks arising from the jurisdiction," said the FATF statement.

FATF also called on member countries and other jurisdictions to apply counter-measures to protect the international financial system from the on-going and substantial money laundering and terrorist financing risks emanating from North Korea.

The global body has further identified Bosnia and Herzegovina, Ethiopia, Iraq, Syria, Uganda, Vanuatu and Yemen as having strategic deficiencies and they have developed an action plan to address the issues.
"Afghanistan and Lao PDR are no longer subject to the FATF's on-going global Anti-Money Laundering (AML)/Combating of Financing of Terrorism (CFT) compliance process," it said.
FATF monitors the progress of its members in implementing necessary measures, reviews money laundering and terrorist financing techniques and counter-measures, and promotes the adoption and implementation of appropriate measures globally.

FATF's decision making body, the FATF Plenary, meets three times a year.