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(Persia Digest) - The People's Bank of China (PBC) has placed Iran on the top of its list for high risk countries due to US sanctions and non-membership in the Financial Action Task Force (FATF).
The list includes 20 countries and organizations. Iran is second on the list to North Korea.
► Iran shifts towards the East as patience runs out
► China to continue economic ties with Iran
► Network of 250 European banks working with Iran
The PBC had previously circulated a memo to Chinese banks advising them to freeze the accounts of Iranians resident in this country as Iran had not joined the FATF.
Chinese banks must comply with international financial laws, such as membership of countries in the FATF, in order to maintain their global communications.
► The dollar will be eliminated from Iran-China trade
► Iran opens second commercial center in China
► Two top US banks against Iran sanctions
The FATF was set up in 1989 by the Group of Seven (G7) countries to fight money laundering, financing of terrorism, and other crimes threatening the financial system.
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