Iran's SEC to rule on money laundering bill

Monday, January 15, 2007 - ©2005 IranMania.com

LONDON, January 15 (IranMania) - Iranian State Expediency Council (SEC) will determine the fate of the controversial bill on fighting money laundering by late February, said an SEC official.

Mohammad Baqer Nobakht, deputy head of the SEC Center for Strategic Studies, told Fars that the council has set up a working group to study the issue.

“The working group will announce its views on the flaws the (constitutional supervisory body) Guardians Council has found with the bill (soon), which will help finalize the State Expediency Council’s decision on the bill by late February,“ he said, adding that the bill had been submitted to the parliament in 2002.

The official further said that the campaign against money-laundering is vital to the national economy, stressing that Iran is signatory to several international treaties, which necessitate the implementation of anti-money laundering measures.

Experts contend that once the bill on money laundering becomes a law, the ground will be prepared for the destructive, underground economic activities to be brought under control.

Houshang Khostouei, a member of the High Council of Iran’s Chartered Accountants Association, says transparency in deals and clarity on sources of money have turned into a necessity in the Third Millennium.

“In many other countries, particularly Europe, sources of money have to be clearly identified,“ he said. “In such countries all financial transactions are handled through the banking system, whereas in Iran, most transactions are done out of this system.“

He said the campaign against money laundering will largely benefit the society, stressing that the would-be law will help reduce financial offenses, as it will expose money earned through embezzlement, drug trafficking and any other offences.

He noted that electronic money has to replace banknotes in order to better keep track of sources of money, adding that those who benefit from a non-transparent economy will try to prevent the implementation of any anti-money laundering law.

http://www.iranmania.com/News/ArticleView/Default.asp?NewsCode=48868&NewsKind=Current%20Affairs