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Iran Guardian Council rejects terror financing bill

AFP  |  Tehran 

Iran's powerful on Sunday rejected a bill on joining the UN convention against terrorist financing seen as crucial to maintaining trade and ties with the world.

The conservative-dominated council, which oversees legislation passed by the parliament, said aspects of the bill were against Islamic law and the constitution and sent it back to lawmakers for revision.

"The has in several sessions reviewed the bill... and it has considered it to have flaws and ambiguities," wrote on

The bill, narrowly passed by parliament on October 7, is one of four put forward by the government of in order to meet demands set by the international (FATF), which monitors countries' efforts to tackle money-laundering and terrorist financing.

Many hawks in say the laws would limit the country's ability to support "resistance groups" such as Lebanon's Hezbollah and Palestinian by bringing greater transparency to its accounts.

But argues it is particularly vital after the walked out of the 2015 nuclear deal and reimposed sanctions.

The other parties to the deal -- Britain, France, Germany, and -- have sought to salvage the agreement and maintain trade with Iran, but have demanded that it accede to the FATF.

is alone with on the FATF, although the Paris-based organisation has suspended counter-measures since June 2017 while works on reforms.

Last month, the FATF gave Iran another extension to February to update its laws.

"Neither I nor the can guarantee that all problems will go away if we join (the UN convention), but I guarantee that not joining will provide the US with more excuses to increase our problems," said Iran's during the parliament debate last month.

A previous bill on the mechanics of monitoring and preventing terrorist financing was signed into law in August.

But two others -- on money-laundering and organised crime -- have also been delayed by higher authorities, including Council, after being approved by parliament.

The council is made up of six clerics appointed by Ayatollah and six lawyers appointed by the judiciary.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, November 04 2018. 15:15 IST