Joining FATF not to help decrease currency rate: MP

TEHRAN (defapress) – A member the Iranian Parliament said joining the Financial Action Task Force (FATF) cannot lower the price of the foreign currency, noting that currency market fluctuations are 'more domestic'.

News ID: 76906

Date: 19 April 2019 - 11:35

"Foreign exchange disruptions in the country are more rooted in internal factors than foreign ones," Naser Mousavi Laregani, the representative of the constituency of Falavarjan, was quoted as saying by Trend News Agency.

The two controversial FATF-related bills, namely the convention against the funding of terrorism (CFT) and the UN Convention against Transnational Organized Crime (known as Palermo bill in Iran), have already been approved by the lawmakers in the Iranian Parliament and need to gain the approval of the Expediency Council after they were rejected by the Guardian Council.

Referring to the severe exchange rate fluctuations in December, Mousavi Laregani said that at that time, when the sanctions had not yet been imposed, controlling these factors could have an effect on lowering the exchange rate.

"Recently, the Foreign Minister and his deputy explicitly informed that they could not commit the massive changes after the approval of the FATF or promise to lift sanctions and, in total, to improve the overall economic situation," he said.

"So, it cannot be expected that the adoption of these bills would take the burden out of the country."

FATF has given Iran deadline till June to complete the reforms necessary for joining the international body.

There are concerns among some officials and lawmakers that joining the anti-money laundering body may pave the way for further restrictions and sanctions on Iran.

Message end/