The Financial Action Task Force keeps Iran and North Korea on the blacklist
The Financial Action Task Force (FATF), a global body for combating money laundering and terrorist financing, has suspended Russia’s membership and has kept the Islamic Republic of Iran and North Korea on its blacklist.
Keeping Iran and North Korea on the blacklist is due to the lack of any progress related to the group’s recommendations for improving their internal regulations to combat money laundering and fight against the financing of terrorist groups.
Being on the FATF blacklist means that this body strongly advises its members, which include a network of various countries, international institutions, and financial and credit organizations, to avoid financial and banking transactions with the country, as it is considered high-risk for money laundering and terrorist financing and has significant strategic deficiencies in this area.