Iran: Counter-Money Laundering Bill Drafted

Iran's Minister of Economy and Finance Tahmasb Mazaheri has announced that the Iranian Government has drafted a bill to prevent money laundering. Mazaheri emphasised that he bill would be structured in such a way as not to produce any hindrance to trade but is designed to make the underground economy more transparent. "[It] is not a threat to saving in the country," he said. His remarks were made as a part of a speech relating to fiscal and inward investment reform.

However, although the formation of a specific law relating to money laundering will satisfy some of those critical of Iran's current lack of express laws, the move will not aid Iran's banks in relation to trade in US dollars. US banks remain prevented from undertaking any financial dealings with banks in Iran although, seemingly, indirect transactions (that is conducted through a bank in a third country) are not subject to the same strength of sanction. The USA move resulted from the loss of US owned assets at the time of the Iranian Revolution more than twenty years ago.