Financial Tribune - Gholamreza Ansari, deputy foreign minister for economic affairs, has warned against the ramifications of non-compliance with FATF norms, saying that it would create overwhelming challenges for Iran’s banking sector 

Time is running out for Tehran to meet the deadline set by the Financial Action Task Force to comply with the standards of the global anti-money laundering watchdog or face the consequences.

Advocates of cooperating with the intergovernmental organization appear to be more eloquent in recent weeks in their bid to persuade top legislative bodies in Tehran to pass the remaining anti-money laundering bills demanded by the FATF.

Gholamreza Ansari, deputy foreign minister for economic affairs, at the weekend warned against the ramifications of non-compliance with FATF norms, saying that it would create overwhelming challenges for Iran’s banking sector.

To make his point as clear as possible, Ansari likened compliance with FATF rules for banks to a passport for travelers.

“Today, FATF means having a passport. If Iranian banks really want to connect with international banking [joining] FATF is a prerequisite,” he said in reports published on Sunday.