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Iran Council Again Fails To Approve Financial Reforms Demanded By The West

Iran Judiciary chief Sadegh Larijani who newly appointed as the head of Expediency Discernment Council (C), chairing a session of the council since his presidency, on January 19, 2019.

A key arbitration panel scheduled to rule on legislation related to financial reforms in Iran demanded by the international community has again failed to resolve the issue, Iranian agencies reported on Saturday.

The Expediency Discernment Council (EDC) had scheduled a vote for Saturday to decide the fate of a number of bills approved by parliament to pave the way for Iran to join international conventions against money laundering and financing terrorist organizations.

The international watchdog, Financial Action Task Force (FATF) has asked Iran to reform its laws to be compatible with UN and other international requirements. Hardliners in Iran have so far resisted the final approval of the laws.

The constitutional bodies tasked with endorsing all legislation approved in Iran's parliament are mostly made up of conservatives, loyal to Supreme Leader Ali Khamenei.

Radio Farda reported earlier that the EU is ready to launch a special trade mechanism to facilitate trade for Iran in the face of U.S. sanctions, but Europe demands the approval of FATF legislation.

It is not clear if Iran’s failure to adopt the new laws will lead to a delay in activation of EU’s trade mechanism.