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Sanctions Press Iran Gets Closer to Agreeing to Global Financial Rules

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Iran is crumbling as they almost forced to accept global financial rules, with sanctions pressing, Rouhani is under pressure to accept the Western rules. Iran is running out of options, and the only way to save themselves from US oil sanctions is to finally accept global banking rules.

While Ayatollah Nasser Makarem Shiraz, the religious leader continues to say, religiously the FATF is forbidden since it means total surrender and slavery to the West, president Hasson Rouhani is pushing for reform of the financial systems.

The banking system in Iran is struggling with banking regulations that are not in line with international rules. These include non-performing loans. Several businessmen are still doing deals with Iran even despite the sanctions of the US and all agree that the country will eventually have no option but to implement the Financial Action Task Force rules, which would force them to restructure their banking system and finally get rid of untrustworthy banks.

Iranian Parliament Approved International Rules

The country already received the approval of the Iranian parliament allowing it to comply with international rules, although analysts from Iran revealed that some alterations made to the FATF regulations are of concern to the supreme leaders. In June 2016 the FATF removed Iran from the list of rogue countries, warning that Iran would have to take steps to get up the international standards on counter-terrorist funding and money laundering. Iran has a short time to make its next move as the country was only given until October to get up to standard, or the face being added back onto the blacklist when the FATF meets in October.

Iran Ran Out of Options & Have to Accept Global Financial Rules

Iran finally ran out of options, and it is a case of finally agreeing to international rules on combating financial crimes or facing the opposite, which means facing the crippling effect US sanctions would have on the country. President Hassan Rouhani is for reform of the Tehran system which means financing terrorism and money laundering would be tackled. There is no question that Iran is under tremendous pressure as the Trump administration is ready to impose several measures to end oil exports by November.

Iran either must accept the global financial system or find other ways to maintain connects to the global system, yet the writing is on the wall. Should Iran want to remain part of the world economy, the country will have to abide by the international rules. Time is running out fast, and Iran has until October, even though Iran is working hard to meet the requirements, David Lewis the executive secretary of the FATF said in a press conference that the question soon to answer is, Have Iran done enough?