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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)
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)
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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)
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.

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Italy, Albania, UAE Sign Deal for Energy Subsea Interconnection

People visit the World Future Energy Summit 2025 (WFES) in Abu Dhabi, United Arab Emirates, 14 January 2025. EPA/ALI HAIDER
People visit the World Future Energy Summit 2025 (WFES) in Abu Dhabi, United Arab Emirates, 14 January 2025. EPA/ALI HAIDER
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Italy, Albania, UAE Sign Deal for Energy Subsea Interconnection

People visit the World Future Energy Summit 2025 (WFES) in Abu Dhabi, United Arab Emirates, 14 January 2025. EPA/ALI HAIDER
People visit the World Future Energy Summit 2025 (WFES) in Abu Dhabi, United Arab Emirates, 14 January 2025. EPA/ALI HAIDER

Italy, Albania and the United Arab Emirates signed on Wednesday a deal worth at least 1 billion euros ($1 billion) to build a subsea interconnection for renewable energy across the Adriatic Sea.

"We strongly believe in this project involving our three governments, as well as our private sector and grid operators," Italian Prime Minister Giorgia Meloni said as she announced the deal at the World Future Energy Summit in Abu Dhabi.

The three-way partnership, which aims to produce green power in Albania and export it to Italy through underwater cables, will involve Italian grid operator Terna and UAE's National Energy Company (Taqa), Albanian Prime Minister Edi Rama said.

The Albanian premier added that the infrastructure would connect the Albanian port of Vlore to the southern Italian region of Puglia, the narrowest point between the two countries, and was expected to be operational within a maximum of three years.