Terrorism financing watchdog reinstates Iran sanctions

A multinational financial watchdog reinstated sanctions against Iran on Friday, saying the Islamic republic has not taken sufficient measures against money laundering and the financing of terrorist groups.

In a statement issued after a meeting in Paris, the 38-nation Financial Action Task Force (FATF) announced it was lifting a sanctions suspension it granted in 2016 to give Iran time to work on reforms.

Given "Iran's failure to enact the Palermo and Terrorist Financing Conventions in line with the FATF Standards, the FATF fully lifts the suspension of counter-measures," the body said, referring to the United Nation's 2001 convention against organised crime.

It also called on FATF members and "all jurisdictions to apply effective counter-measures."
The FATF said Friday that it would keep Iran on a "high risk jurisdictions list," and will decide on next steps "if Iran ratifies the Palermo and Terrorist Financing Conventions, in line with the FATF standards."