UANI Urges Further FATF Action to Rein in Iranian Banks

(New York, N.Y.) – United Against Nuclear Iran (UANI) today commended the Financial Action Task Force (FATF) for requiring increased oversight of financial institutions based in Iran but urged further action to guard against money laundering and terror financing.

The FATF is an intergovernmental regulatory body that sets standards to protect the integrity of the global financial system. Since June 2016, the FATF had suspended countermeasures against Iran given that country’s political commitment to address anti-money laundering and counter-terror financing (AML/CFT) deficiencies in its banking system.  

“UANI commends the FATF for imposing new oversight requirements for Iranian banks and subsidiaries,” said UANI CEO Ambassador Mark D. Wallace. “But the FATF needs to do much more as Iran has failed for three years to fully comply with its action plan. Countermeasures need to be re-imposed to protect the integrity of the international financial system. As long as Iran chooses to remain an extremist regime, it should remain closed for business.”

In a June 19 op-ed in the Orlando Sentinel, UANI Board Members Governor Jeb Bush and Congresswoman Ileana Ros-Lehtinen, along with UANI CEO Ambassador Mark D. Wallace,  warned that the FATF must take action against Iranian banks, “as it has repeatedly promised but failed to do — or risk acquiring a reputation as a toothless tiger.”

UANI has written to thousands of leading companies around the world, warning them of the legal, financial, and reputational risks of doing business with the Iranian regime. Its Business Risk Matrix outlines these concerns. UANI also maintains an Iran Risk Snapshot, which aggregates 27 leading economic indices, highlighting its tainted business environment.

To view the op-ed in the Orlando Sentinel, please click here.