Global watchdog FATF blacklists Iran for 'terrorism financing'

Financial Action Task Force(FATF) on Friday placed Iran on its blacklist after it failed to comply with international anti-terrorism financing rm, an international news ncy reported. move would t only deepen country’s isolation from financial markets but also entail more scrutiny on all its transaction with global watchdog. In dition to that, re would be tougher external auditing of all financing firms operating in country and extra pressure on a few foreign banks and businesses that deal with Iran.

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After three years of warnings 

decision came after more than three years of warnings from Paris based Financial Action taskforce urging Islamic Republic to eir enact terrorist financing conventions or see its reprieve from blacklist lifted and some counter-measures imposed. According to a western diplomat, some consequences of being blacklisted include higher cost of borrowing and isolation from financial system.

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Meanwhile, United States lauded taskforce’s decision and said that it was Tehran’s failure to here to FATF’S standards. Secretary of State, Mike Pompeo, in a statement to media reporters said that Iran must face consequences for its continued failure to abide by international rms. 

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On or hand, Iran's central bank chief dismissed FATF's decision. Abdolnasser Hemmati, Goverr of Central Bank of Iran told international media that decision was politically motivated and wasn’t technical at all. He ded that he can assure that it will have impact on Iran's foreign tre and stability of ir exchange rate.

According to media reports, Iranian citizens were seen voting for a new parliament on February 21 with turut seen as a key measure of support for Iran's leership as sanctions weigh on ecomy and isolate country diplomatically.

(With inputs from ncies)