FATF approval by the Iranian constitutional body

Reuters writes that the top Iranian constitutional body, Guardian Council, has approved the legal amendments on combating the funding of terrorism.

Iran has been trying to implement standards set by the Financial Action Task Force (FATF), a global group of government anti-money laundering (AML) and counter-financing of terrorism regimes (CFT), in the hope it will be removed from a blacklist that makes some foreign investors reluctant to deal with it, reports Reuters.

The approval came amid several objections by hardliners about the FATF amendments.

The Oil Price reports that the German company ADL and Iran’s Sepahan Oil Company (SOC) have signed an agreement to cooperate in technology transfer in oil and gas industry lubricants. It adds that ADL will carry out the project in cooperation with its Austrian and Swiss partners.

The agreement is reached while several European companies are ceasing activities in Iran in order not to put their business in the US at risk.