The Central Bank of Iran (CBI) has issued new regulations governing the supply, possession, and carrying of foreign cash as part of efforts to crack down on money laundering and terrorism financing.
The CBI said in a statement on Sunday that individuals will be able to carry or hold up to 10,000 euros or its equivalent in other foreign currencies.
It said carrying or possession of foreign cash above that limit would require paperwork or documents to prove ownership, including bank or currency shop receipts or customs declaration documents.
The statement said, however, that providing those documents would not revoke CBI’s rights to investigate the origins of the foreign cash, adding that Iran’s laws on money laundering and terrorism financing would apply in such cases.
The regulations were issued on May 24, said the statement, adding that they were in line with general guidelines governing the supply, possession, and carrying of foreign cash that had been announced in May 2020.
The new regulations come amid reports that Iran is preparing to accept the standards set by the global financial crime watchdog FATF to ease its access to international banking services.
Iran’s Expediency Council approved the United Nations Convention Against Transnational Organized Crime, UNTOC, also called the Palermo Convention, in a meeting earlier this week.
Experts say adopting the convention is a major requirement for Iran to be removed from a FATF blacklist.
Reports have indicated that the Council may discuss and approve the Combating Financing of Terrorism (CFT) convention, another requirement needed to get off FATF’s blacklist, in a session planned for next week.
