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October 12, 2007
HP-606

 Statement by Secretary Henry M. Paulson, Jr.
on the FATF’s Public Statements on Iran

"The Financial Action Task Force has taken a dramatic step in highlighting the significant threat Iran poses to the international financial system. As the premier standard-setting body for countering terrorist financing and money laundering, the FATF's expression of concern toward Iran speaks volumes.

"Over the past year, financial institutions across the globe have been re-examining and adjusting their relationships with Iran in light of its ongoing pursuit of nuclear weapons in defiance of the international community, support for lethal terrorist groups, and deceptive financial practices. FATF members advised those financial institutions still dealing with Iran to seriously weigh the risks posed by Iran's failure to comply with international standards.

"I commend the FATF for undertaking these actions and for calling upon Iran to urgently address its systemic failures to combat terrorist financing and money laundering.

"FATF separately identified customers and transactions associated with Iran as representing a significant risk factor for financing the proliferation of weapons of mass destruction.

"In the wake of two unanimous UN Security Council Resolutions addressing Iran's nuclear and ballistic missile programs, Iran's extensive deceptive financial conduct, and the statements issued by the FATF, financial institutions should be mindful of the extraordinary risks that accompany doing business with Iran."

FATF Statement on Iran – Paris Plenary, October 11, 2007

http://www.fatf-gafi.org/dataoecd/1/2/39481684.pdf

FATF Chairman's Summary – Paris Plenary, October 10 – 12, 2007

http://www.fatf-gafi.org/dataoecd/0/23/39485130.pdf