Iran's Path to Financial Reconnection: Joining Global Watchdog

Iran's top arbitration body, the Expediency Council, has conditionally approved a bill to join the Convention for the Suppression of the Financing of Terrorism. This move aims to help Iran escape a blacklist by the Financial Action Task Force, potentially opening up global financial market opportunities.

In a significant move mirroring its intent to reintegrate into global financial systems, Iran's Expediency Council has given conditional approval to adhere to the Convention for the Suppression of the Financing of Terrorism. This decision comes as Iran grapples with impending U.N. and EU sanctions, state media revealed on Wednesday.

The approval aims at removing Iran from the blacklist of the Paris-based Financial Action Task Force, which has cited the nation's non-compliance with standards against anti-terrorism financing since 2020. This designation has alienated Iran from international financiers.

While the international business community views Iran's compliance with FATF as vital for investments, internal discussions continue. In 2024, the nation is urged to rectify its stance under President Masoud Pezeshkian's guidance. The body operating under Supreme Leader Ayatollah Ali Khamenei acts as a crucial mediator amid Iran's convoluted legislative processes.

(With inputs from agencies.)