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Global watchdog FATF gives Iran until June to strengthen anti-money laundering rules

Iran has until June to fix its anti-money laundering and terrorism financing rules or face increased international scrutiny of its banks, the Financial Action Task Force (FATF) said on Friday. The Paris-based global watchdog last October gave Iran until February to complete an action plan of reforms that would bring it in line with global norms, or face consequences. The FATF concluded this week at a meeting that “there are still items not completed” and said it “expects Iran to proceed swiftly in the reform path.” If the shortcomings are not remedied by June, currently suspended countermeasures will automatically kick in, said Marshall Billingslea, the US assistant treasury secretary for terrorist financing, after chairing the FATF meeting, according to Reuters.