Anti-Money Laundering

Anti-Money Laundering

Money laundering refers to the process by which the proceeds of criminal activity (Like drug trafficking, illegal arms sales, smuggling and etc.) are laundered in order to give the impression that it is originated from a legitimate source.

Several adverse and corrosive effects have been proved to be the result of money laundering. The effects of money laundering extend to social, economic and security circles like distorting business decisions, taking the control of economic policy away from the government, increasing the risk of banks' failure, etc.

The distorting effects of money- laundering made countries, along with international organizations, to take step and start combating money laundering, in particular through financial institutions.

The Islamic Republic of Iran, also, by criminalizing money laundering and adoption of an Act and Implementing Regulations has tried to combat this phenomenon. The Central Bank of the Islamic Republic of Iran(CBI), as the regulator of all financial and credit institutions, is also obliged to provide the said institutions with the required infrastructures and to monitor their compliance with the rules and regulations. The Central Bank of Iran has dedicated a part of its website to Anti-Money Laundering where you can easily access "Laws", "Implementing regulations(By-laws)" ,"Instructions", "Circulars", "Translation of AML/CFT documents" and "Researches on AML/CFT".

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