There are only two countries on the Financial Action Task Force (FATF) black list, North Korea and Iran. The Islamic Republic is a member since 2008.

Desperate to attract substantial foreign investment, Tehran must clean-up its image as a rogue state before lending institutions gain confidence that Iran is worth the risk.


Major foreign banks are still staying clear of doing business with Iran because of the lack of transparency in Iran’s banking industry.

International financial institutions and companies are loathe to invest in Iran’s economy. They are apprehensive about incurring substantial fines for transactions with black-listed Iranian firms and citizens. There about 200 Iranian companies and individuals on the U.S. Department of
Treasury Office of Foreign Assets Control for terrorist support activities.

An unsubstantiated report suggests that an official on Iranian President Hasan Rouhani’s staff has approached the Eurasian Group for assistance on how to put in place the right regulations to combat money-laundering operations which would satisfy the FATF.