How Iranian Economists See Cooperation with FATF

Now that a heated controversy about Iran’s agreement with the Financial Action Task Force (FATF) is beginning to cool off, ISNA has collected a series of comments made by Iranian economists in defense of the FATF agreement.

Former Deputy Minister of Economic Affairs and Finance, Heydar Mostakhdemin Hosseini:

As an expert, I definitely do not recommend isolation from international authorities. If we fail to pursue the FATF-related issues and remain in its blacklist, I believe that will doubly impose problems for the country’s economy.

Macroeconomist Kamran Naderi, of Monetary and Banking Research Institute, Tehran:

The implementation of FATF recommendations in the country’s banking system will help prevent corruption through obstructing evasive transfer of financial resources. Therefore, regardless of cooperation with FATF, the implementation of the workgroup’s recommendations and mandates will benefit Iran’s economy.

Economy advisor to President Rouhani, Massoud Nili:

If at this stage, we could advance measures such as cooperation with FATF and establish the necessary communication channels with the global banking system, we will experience a better status in comparison with the past and this will help the economy’s growth.

Former Finance Minister and Central Bank chief, Tahmasb Mazaheri:

The most significant result of Iran’s joining the FATF is to introduce Iran as a progressive country on the forefront of the fight against money laundry. This membership will prove to the world that the Islamic Republic does not allow corruption, terrorism and drugs into its economy.

Professor of economics at University of Tehran’s Faculty of Management Ali Dini Torkamani:

Cooperation with FATF for our country is an obligation not a choice, because if we fail to join the workgroup, the sanction may remain in place and exert serious damages to our economy.

Former deputy oil minister and ambassador to Germany Ali Majedi:

FATF is a body that fights money laundry. Our question to the critics is that we are so afraid of joining the FATF because as if we were going to exercise money laundry. The FATF regulations have been prepared in a universal manner, not exclusively for Iran. Thus, every country follows them and by following its standards, we will prove to the world that we have no intention of money laundry.

Associate Professor of Accounting Jamal Bahri Sales:

Obviously, we have no choice but to cooperate with FATF to improve our economic status. Issues in the FATF that have turned into a public debate are quite specialized and complicated and to make the necessary evaluations we should unite our economy experts. Not everyone with a mouthpiece should be allowed to discuss for or against such critical issues. This will help the other side use domestic information and try to achieve maximum concessions.

Editor-in-chief of Journal of Renewable Energy and Environment (JREE) Mahdi Pazouki:

Cooperation with the FATF means that Iran’s economy is transparent and proving this will benefit the economy. In my opinion, most of those who ardently oppose cooperation with the FATF are against transparency and inclined toward measures against national interests. Keep in mind that todays, hardliners are opposing cooperation with FATF but the anti-money laundry act was ratified in the previous parliamentary term and by their likeminded MPs.

Tehran University Professor Albert Boghzian:

Even though Iran has no terrorist activities but a failure to join the FATF might cause suspicion for other countries as they see Iran’s insistence to remain outside and not provide transparency in terrorist activities? Therefore, Iran should try to cooperate with the FATF and prove its transparency.

Economics Professor at Allameh Tabatabai University, Mohammad-Gholi Youssefi:

Cooperation with the FATF will be beneficial for Iran’s economy because as it will bring benefits including transparent money transfer and fight with money laundry, prevention of smuggling, prevention of terrorist activities, and improvements for commercial, economic activities.

Central Bank Analyst Pouya Jabal-Ameli:

To cooperate with world banks, we have to comply with the international criteria and standards of the FATF because our overseas banking partners who establish brokerage ties with us would cease ties if they see that Iran does not follows those criteria. Clearly, if the world banks refuse to work with Iran, it is the same as being subject to sanctions.

Economic Professor at Isfahan University, Komeil Tayebi:

Efforts to cooperate with the FATF, as part of the [Rouhani] administration’s measures to establish international economic ties, is in line with the public demands. The society see it as its own right to have more international interactions with different countries in the world so that it can enjoy benefits of such cooperation including employment and the transfer of knowledge and technology to the country.