Financial Action Task Force (FATF), a global financial watchdog, has given Iran until February to crack down on terrorism funding or risk further sanctions on its struggling economy.
FATF warned on 19th October that it would effectively blacklist Iran if it doesn’t fulfill 10 promises Tehran made to pass and enforce laws against financing terrorist groups.
“We expect Iran to move swiftly to implement the commitments that it undertook at a high level so long ago,” said Marshall Billingslea, U.S. assistant treasury secretary for terrorist financing and chair of the global task force.
“In line with that, we expect that it will have adopted all of these measures by February. If by February 2019 Iran has not yet done so, then we will take further steps,” he said.
Iran has long provided support to the Lebanese Hezbollah militant group as well as Palestinian terrorist groups like Hamas.
Billingslea said the task force for now has decided to continue suspending an earlier decision to blacklist Iran.
Blacklisting by the organization can result in limits or even bans on transactions with a country, greatly hindering global investment at a time when the United States has already moved to block foreign investment in Iran after pulling out of JCPOA.