Tehran under scrutiny over money transactions

The Financial Action Task Force (FATF) recently issued a number of recommendations for countries to follow in the fight against money laundering and the funding of weapons suspected of mass-destruction capabilities. The Financial Crimes Investigation Board (MASAK), the body that controls and investigates the movement of cash and financial transactions in Turkey, has released a report that includes the FATF recommendations, saying all countries are bound by the UN resolutions.

It is not certain which Turkish institution will undertake the task of implementing the FATF recommendations. Current laws do not allow MASAK to get involved in such investigations. Observers argue a change in the law could be required to appoint the board. An official from MASAK has told Today’s Zaman that each country should be required to follow and monitor companies or individuals who engage in money transfers coming from Iran or North Korea. “Because these countries are suspected of developing highly dangerous weapons as defined by the UN,” the official added.

Established in 1989 as an intergovernmental body, the FATF sets standards and promotes the effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats. The FATF’s decision-making body, the FATF Plenary, meets three times per year. The FATF presented the revised FATF recommendations to the Eurasian Group (EAG) Consultative Forum with the Private Sector in Moscow on May 22-25.