Iran's President Says Boosting Economy Requires FATF Issues to be Fixed

Iranian reformist candidate Masoud Pezeshkian raises his fist as he arrives for his campaign rally, two days before a presidential election runoff following a first round marked by a historically low turnout, at a stadium in Tehran on July 3, 2024. (AFP)

Iran President Masoud Pezeshkian said on Monday in a televised news conference that to boost its troubled economy, Iran had no choice but to "fix issues" related to the Paris-based Financial Action Task Force (FATF).

Iran has been on the global dirty money watchdog's blacklist since 2020 after failing to comply with international anti-terrorism financing norms, a move that deepens its isolation from financial markets, Reuters reported.

Pezeshkian said he would communicate with relevant Iranian centres to re-examine Tehran's past opposition to implementing the FATF's requirements.

Foreign businesses say Iran's compliance with FATF rules is key if it wants to attract investors, especially since the United States re-imposed economic sanctions on Iran in 2018.