Iran: State says new money laundering law in force

The Anti Money Laundering Directive was issued by President Mahmoud Ahmadinejad and brings into force the law passed on 22 January 2008.

A special council has been set up, says Iran's state press agency, consisting of minister of intelligence and security, governor of the Central Bank of Iran (CBI) and several other ministers.

The announcement coincided with a report that the World Bank has agreed to make a USD250 million loan to Iran to help with water and sewage projects. it is not the only financing going into Iran - USD36 million for the same purpose has been lent by the Islamic Development Bank.

Some USD3 milliard has been spent on projects by the Energy Ministry including construction of power plants.