US welcomes Financial Action Task Force’s unconstructive action against Iran.
According to the US Treasury Department website, Scott Besant, the head of the department, welcomed the decision of the Financial Action Task Force (FATF) to impose countermeasures against Iran due to what he called “threats from terrorist financing.”
He also stressed the need to continue efforts to strengthen the international financial system against all forms of illicit financing.
The US Treasury Department announced that at the meeting, which was the second FATF plenary session chaired by Mexico, participants discussed a variety of topics, including the risks posed by the proliferation of terrorist financing, financial inclusion, domestic and international payment standards, and draft updates to these issues.
According to the US Treasury Department statement, the FATF also agreed to consult publicly on complex proliferation financing and sanctions evasion schemes, and the US Treasury Department said it looked forward to engaging with the private sector in this area.
The statement continued: “The FATF adopted changes to its recommendations that emphasize the importance of a risk-based approach to assessing and mitigating money laundering and terrorist financing risks. These changes require preventive and mitigating measures commensurate with the risks identified.”
According to the statement, the FATF also finalized its measures to combat child sexual abuse online.
The Treasury Department concluded: “A report to be released soon will examine close collaboration with 30 countries around the world on various types of financial extortion and direct child exploitation.”