World Economy

Global watchdog places Iran on terrorism financing blacklist

An Iranian national flag flies above the new Phase 3 facility at the Persian Gulf Star Co. (PGSPC) gas condensate refinery in Bandar Abbas, Iran, on Wednesday, Jan. 9. 2019. The third phase of the refinery begins operations next week and will add 12-15 million liters a day of gasoline output capacity to the plant, Deputy Oil Minister Alireza Sadeghabadi told reporters.
Ali Mohammadi | Bloomberg | Getty Images

A global dirty money watchdog on Friday placed Iran on its blacklist after the country failed to comply with international anti-terrorism financing norms.

The decision comes after more than three years of warnings from the Paris-based Financial Action Task Force (FATF) urging Tehran to enact terrorist financing conventions.

However, the FATF appeared to leave the door ajar for Iran saying "countries should also be able to apply countermeasures independently of any call by the FATF to do so."