Financial Action Task Force Statement on Iran

On 12 October 2007, the Financial Action Task Force (FATF), of which Singapore is a member, issued a statement which expressed its concern that the Islamic Republic of Iran’s lack of a comprehensive anti-money laundering / combating the financing of terrorism (AML/CFT) regime represents a significant vulnerability within the international financial system. The FATF has called upon Iran to address on an urgent basis its AML/CFT deficiencies, including those identified in the 2006 International Monetary Fund Article IV Consultation Report for Iran.

The text of the FATF statement may be found here .

Accordingly, financial institutions are advised to give special attention to transactions related to Iran. In addition, financial institutions are reminded of their obligations under the MAS (Freezing of Assets of Persons – Iran) Regulations 2007, which gives effect to United Nations Security Council Resolution 1737. Financial institutions are to refer to the list of designated individuals and entities as identified by the UN Security Council Committee established pursuant to Resolution 1737, including the list in the Annex of Resolution 1747.