A member of Iran’s Expediency Council has said that reviewing an anti-terror financing bill will be delayed since the arbitration body has not scheduled a meeting for Saturday, February 9.
A series of laws demanded by an international financial watchdog, which have been passed by parliament, have not received approval by Iran’s Guardian Council and have been referred to the Expediency Council; an arbitration body.
Two bills were endorsed by the Guardian Council but two were rejected. Since the introduction of the bills Iran’s hardliners have put up a fight to stop their approval.
The West has demanded the adoption of the bills, which are against corruption, money laundering and financing terrorist organizations. Their adoption is important for Iran’s banking relations with the world.
One day earlier, Germany France and United Kingdom established a mechanism to facilitate trade with Iran, before the legislation’s formal adoption.
Council member Gholamreza Mesbahi Moghadam said in Tehran that originally the review of the bills were scheduled for February 9, but since it is official holiday on the occasion of revolution anniversary, the meeting will not take place.
Amid crippling U.S. sanctions Iran needs banking and trade relations and it is not clear why it is dragging out the approval of legislation to bring its legal system up to international standards.