TEHRAN: Iran ratified a law joining a United Nations convention against terror financing, local media reported Wednesday, in hopes it will lead to access to global banking, an easing of trade and relieving pressure on its sanctions-hit economy.
Iranian President Masoud Pezeshkian was elected last year on a promise to ease relations with the West and secure the lifting of sanctions that are hurting the economy.
His administration is trying to bring the country into line with the demands of the Financial Action Task Force (FATF), which monitors money laundering and terrorist financing.
Tehran has for years provided support to the Palestinian Hamas militant group, Lebanon’s Hezbollah group, and Yemen’s Houthis — all designated as “terrorist” groups by the United States, along with Iran’s Islamic Revolutionary Guard Corps (IRGC).
Iran was returned to the FATF blacklist of non-cooperative countries in 2020, which includes North Korea and Myanmar.
Along with heavy international sanctions, particularly by the United States, Iran’s inclusion on the blacklist has isolated the country’s financial sector and severely restricted its access to the international banking system.
“President Masoud Pezeshkian has promulgated... the law on the Islamic Republic of Iran’s accession to the International Convention for the Suppression of the Financing of Terrorism (CFT),” Tasnim news agency said on Wednesday.
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