Iran News ...


7/5/03

Expert comments on anti-money laundering law to be enforced in Iran

An Iranian academic said on Friday the law on oney-laundering would facilitate the sound economic activity and hence would contribute to the national economy's growth, IRNA reported from Tehran.

Dr Alireza Razi told IRNA reporter that the anti-money-laundering law would only target those illegitimate economic activities that lead to the collapse of the society.

He called on the relevant institutions to adopt guidelines to support a government decision to pass a law to counter money-laundering that would contribute to the economic sector.

Some observers believe under the current circumstances, it may not be possible to enact and enforce a law on money-laundering since any inappropriate action risks to undermine the legitimate economy, he said.

However, Razi added, if such a law is properly formulated and implemented, the sound economy's growth would be guaranteed.

The academic said the inappropriate implementation of the law against money-laundering would bring about irreparable negative results such as decreased national production, rampant unemployment and increased inflation.

To prevent the misinterpretation and the faulty implementation of the law, a supervisory system needs to be created monitor the proper implementation of the money-laundering law, he noted.

Iran's decision to enact a law to counter the laundering of the proceeds from the criminal activities is intended to tighten the control over the banking operations, he said.

The new legislation, he explained, would make it possible for the judicial officials to inspect the banking operations on the bank accounts of people.

Mahmoud Khorasani, a banking system expert, said earlier colossal proportion of the trade transactions are taking place in the world with assets coming from the illegal activities such as traffic in the illicit drug and arms.

Inter-agency cooperation is of prime importance in curbing the money laundering, he said adding that efforts are being made in the world to bring transparency in the revenues of the wage earners, civil servants and senior public officials but the origin of revenues of some always remain unclear in Iran.

The role of the money-laundering in the emergence of criminal gangs, role of the international organizations in countering money-laundering, need for training of experts and officials to press the evil phenomenon and the necessity of the international cooperation were among the major topics discussed in the event.

... Payvand News - 7/5/03 ... --



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