CBI to protect clients’ banking info in FATF exchange

The Central Bank of Iran (CBI) has vowed to protect people’s banking information in transactions with the Financial Action Task Force (FATF).

The governor of CBI, Valiollah Seif, said Tuesday that Iranians’ bank accounts information will remain safe and will not be passed on to FATF in exchanges with the policy-making body of the international financial system.

Seif added that the CBI will also have the sole authority to determine instances of money-laundering and terror-related finances, local media outlets quoted the official as saying.

The world’s anti-money laundering body recently suspended some of its restrictions against Iran, citing the country’s commitment to legitimate business.

FATF on June 24 hailed Iran’s adoption of an action plan to address shortcomings in its anti-money laundering policies and its decision to seek assistance with implementation.

In its plenary meeting in South Korea, the international body took into account Iran's implementation of an anti-money laundering law and its membership at the Eurasian Group, an FATF-style regional body.

Iran, however, will remain on the FATF blacklist until the full implementation is complete, the body said.

SS