Iran enters FATF Blacklist

The Financial Action Task Force, the global anti-money laundering watchdog on Friday, put Iran on its blacklist after Tehran failed to comply with international anti-terrorism funding norms.

The action came after Iran failed to meet the deadline set by the watchdog at FATF’s last meeting in October to comply with standards fully.

According to the organization, Iran will remain on the FATF statement on [High-Risk Jurisdictions Subject to a Call for Action] until the full Action Plan has been completed.

The G7 (the United States, Japan, Germany, France, Great Britain, Italy, and Canada) created the FATF in 1989 to tackle money laundering.