Iranian Rial

[screwball]

Old but relevant talks about swift

1. Economy
2. Business And Markets

Wednesday, March 09, 2016

Anti-Money Laundering Law Passed

 

Mohammad Affianian

.

Finance Desk

Iran took a meaningful stride toward upgrading its banking and financial laws closer to international standards with the Guardians Council ratifying a long-pending bill to counter money laundering and financing of terrorism.

The bill–drafted by the government in 2010—had underwent a tortuous path, as it was passed by the parliament in 2011 but was rejected by the Guardians Council. It was sent for revision to the judiciary and was once again tabled in the parliament where lawmakers ratified it as a law in the current Iranian year (ending March 19).

The revised bill was finally approved by the Guardians Council and became a law on March 3.

The Guardians Council, made up of six Muslim clerics appointed by the Leader of Islamic Revolution Ayatollah Seyyed Ali Khamenei and six lawyers elected by the parliament, is charged with ensuring draft laws comply with Islamic laws and Iran's Constitution.

On Par With Int'l Laws

Hamid Tehranfar, Central Bank of Iran's deputy for supervision affairs, welcomed the new development on Tuesday, saying he was "very satisfied" that the anti-terrorism bill now had a statutory status, adding that the Iranian law is on par with international anti-money laundering laws and regulations.

"Although we had a set of anti-money laundering and anti-terrorism measures in place, they were not in the form of a comprehensive and clear-cut law, which opened us to criticism by foreign banks and international regulatory bodies," Tehranfar said in a news conference at CBI's headquarters in Tehran.

"The measure is in line with our efforts to reform our banking laws and upgrade them to the level of global standards and this is why we voluntarily asked the International Monetary Fund to review our anti-money laundering regulations so other countries' banks feel reassured. The IMF will announce its assessment in 2018."

Tehranfar explained that the law addresses various aspects, including a "definition of terrorism" as per international norms, outlining methods of financing terrorism as well as punitive and deterrent measures to prosecute criminals.       

In January, world powers led by the United States and the European Union lifted most sanctions on Iran in return for temporary curbs on its nuclear program.

As part of sanctions relief, most Iranian banks were reconnected to the SWIFT international payment network last month, allowing them to resume cross-border transactions with foreign banks. But because of foreign institutions' legal fears, operations were limited.

Asked by Financial Tribune how the passage of anti-money laundering law would ease foreign banks' fears in dealing with Iran, Tehranfar said it would be "very effective."

"I believe this law will be very helpful in sending a message of goodwill to financial bodies across the world and would also be effective in allaying their fears in doing business with our banks," he said.

According to the official, the text of the law will soon be translated into English and other languages so that foreigners will become familiar with its contents.

Rating Improvement

Tehranfar hoped that the new measure would help improve Iran's rating in different areas, including the risk of doing business in the country.

"It would herald other reforms to restructure Iran's banking system, which is beset by outdated laws and regulations after years of sanctions isolated it from global interactions," he said.

"For the coming year, we will continue to promote reforms of the banking industry, including the adoption of Basel II and Basel III principles."

Tehranfar welcomed the entry of international rating agencies like Moody's and Fitch into the Iranian market, but said CBI has not been contacted by any agency, except KPMG

[pokerplayer]

8 hours ago, screwball said:

Here's the"by october" date....

 

Well Rohani is on a whirlwind trading tour. You don't do all of that and then drag your feet on a single rate !!

Good times are coming and I believe right away !!

pp

[screwball]

1 minute ago, pokerplayer said:

 

Well Rohani is on a whirlwind trading tour. You don't do all of that and then drag your feet on a single rate !!

Good times are coming and I believe right away !!

pp

Yep

[screwball]

News ID: 3790054 - Sat 8 October 2016 - 11:43

Economy

TEHRAN, Oct. 08 (MNA) – MillionaireAsia Pte Ltd is pleased to organize the inaugural 1st Iran Investment Summit to be held in Singapore on 26 October 2016.

The Summit will be held in collaboration with Basio Consultants & Services Ltd (Hong Kong). The Government of Iran has also endorsed this landmark investment summit in Singapore.

Facilitated by Javad Ansari, the Iranian Ambassador to Singapore, an extensive delegation from Iran will be heading to Singapore, led by Keynote Speaker Dr. Valiollah Seif, Governor of Central Bank of Iran (CBI). Other members of the special delegation from Iran include Dr. Ahmad Jamali, Director of the Foreign Investment Bureau at Iran’s Investment and Technical-Economic Aids Organization, Sadegh Ghafouri, Expert in Foreign Economic Relations, Ministry of Economic Affairs & Finance Organization for Investment Economic & Technical Assistance of Iran (OIETAI) and members of the Tehran Chamber of Commerce.

 The Iran delegation will be seeking foreign investors for a wide range of projects in Iran ranging from theme parks and resorts, township development and science & technology parks, marine, petrochemical & aviation projects, waste water treatment, aerospace parks, container shipping, copper processing plant, lead and zinc production plant. The project deal sizes range from USD5 million to over USD200 million.

In February 2016, Singapore signed a Bilateral Investment Treaty with Iran and the country’s Foreign Investment Promotion and Protection Act (FIPPA) provides a legal framework for investment protection by foreign investors keen to invest in Iran. Following this, the MillionaireAsia 1st Iran Investment Summit will be a landmark business exchange in Singapore since the lifting of trade sanctions on Iran by the US government which has not only allowed for foreign trade and investment to once again flow freely through the country, but has resulted in the creation of unprecedented opportunities for investors.

Javad Ansari, the Iranian Ambassador to Singapore expounded on Singapore and Iran’s long and mutually beneficial history, with an even more fruitful future ahead saying “Iran is the 29th largest economy globally, holding the world’s second biggest gas reserves and fourth largest oil reserves. The total trade volume between Iran and Singapore stood at SGD6.6 billion in 2011, a figure which was reduced significantly in the last couple of years due to embargoes. Iranian companies are anxious to re-capture their lost market share in various areas, notably energy commodities. As such, Iran is looking to expand its shipping fleet and that is where Singaporean companies can find a quick win. Furthermore, the offshore drilling both in the Persian Gulf and Caspian Sea is a priority for Iran’s upstream oil and gas industries and Singaporean corporations have a role to play in case they proceed timely.”

Aside from marine industries, the ambassador also mentioned water desalination, irrigation technology and hydro-transfer projects as other areas in which Singaporean companies can play a role. Conversely, Singaporean companies can represent Iranian exporters of energy commodities, dried fruit, bitumen and petrochemical products in the SEA region. The ambassador believes cooperation grounds are also vast in soft commodities, power generation and engineering services.

Event organizer, MillionaireAsia’s Group Publisher and Managing Editor Brian Yim commented “The 1st Iran Investment Summit is a private sector initiative that seeks to bring a diverse range of interesting and bankable projects from Iran to investors in Singapore and regional countries. We are pleased to collaborate with the Government of Iran and our Hong Kong partner, Basio Consultants & Services (Hong Kong), to create a platform for entrepreneurs and top level officials together to facilitate deals to be done.”

As a privileged and unique entry into untapped business opportunities in the region, the 1st Iran Investment summit will feature a number of bankable projects. Apart from Singapore, investors from Hong Kong, Malaysia and Indonesia are also expected at the event. Tech will also be an important subject at the summit with Fintech company and main sponsor, DasCoin leading the ranks. Michael Mathias, CEO of DasCoin believes Iran is ripe for the Fintech revolution; “Iran is in prime position to be at the forefront of the fast-growing global fintech industry. The opportunities there are tremendous given its young, well-educated, 80-million strong population. At DasCoin, we are convinced that Iran will strengthen its economic advantages and fortify its place as an economic world power by embracing technological innovations such as cryptocurrency. The people of Iran are uniquely aware of the limitations of the current global monetary system and have the capability and proclivity to lead the transition to the emerging digital alternatives.”

 

HA/PR

[screwball]

Too big to post!

http://m.english.vietnamnet.vn/fms/government/164829/iranian-president-wants-to-reinforce-ties-with-vietnam.html#

 

love the talk of payment systems!

[pokerplayer]

Wow, no fooling around here ! There wasting no time gathering trading partners. The quicker there in place the harder it will be to Impose sanctions down the road if someone gets their panties in a knot ! lol

pp

[screwball]

Iran, Malaysia agree to deepen ties 

1. Politics

October 7, 2016

 

TEHRAN – President Hassan Rouhani said on Friday that Iran and Malaysia reaffirmed to strengthen ties and restore economic transactions to the pre-sanctions time.

During a joint press conference with Malaysian Prime Minister Datuk Seri Najib Razak in Kuala Lumpur, Rouhani said, “We stressed that 2016 should be the year of expanding relations in political, cultural, scientific and economic areas.”

He said that the two countries’ governments support investment and economic activities in each country.

The Iranian and Malaysian private sectors should become aware of capacities in both countries and use them to deepen ties, Rouhani added.

The Malaysian prime minister said that Rouhani’s visit to Malaysia allows both countries to explore ways to further expand economic ties.

Malaysian Prime Minister said, “The key to this objective (deepening ties) is to enable business transactions to take place within the banking system of our two countries.” 

“The key to this objective is to enable business transactions to take place within the banking system of our two countries,” New Straits Times quoted Najib as saying.

Najib added, “As you know, sanctions (on Iran) had restricted ways of doing business there. But we want this (mechanism) to happen, and I am confident it will be found in the shortest time.” 

He also said Malaysia will be sending a delegation comprising the Plantations Industries and Commodities Ministry, and the Malaysia Palm Oil Board (MPOB) to Tehran.

In the visit to Malaysia Rouhani was accompanied by his Foreign Minister Mohammad Javad Zarif, senior cabinet ministers and senior government officials. He reached the Perdana Square at 4.25pm and accorded an official welcome by the 1st Battalion of the Royal Malay Regiment.

Prime Minister Najib hosted an official dinner in honor of Rouhani at Seri Perdana, New Strait Times reported.

According to a statement from Wisma Putra, Rouhani’s official visit was aimed at reaffirming and further strengthening the warm and close bilateral relations between Malaysia and Iran, Bernama news agency reported.

NA/PA
 

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“The key to this objective is to enable business transactions to take place within the banking system of our two countries,” New Straits Times quoted Najib as saying.

Najib added, “As you know, sanctions (on Iran) had restricted ways of doing business there. But we want this (mechanism) to happen, and I am confident it will be found in the shortest time.” 

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Rouhani’s Asian trip in line with Leader’s guidelines: Velayati 

1. Politics

October 8, 2016

 

TEHRAN - Ali Akbar Velayati, the senior foreign policy advisor to the Leader, said on Thursday that the President Hassan Rouhani’s visits to the Southeast Asian countries are in line with guidelines set by Leader of the Islamic Revolution Ayatollah Ali Khamenei.

After his meeting with a Syrian economic delegation, Velayati said the Islamic republic attaches great importance to the president’s trips to Vietnam, Malaysia and Thailand.

It is essential to follow the Leader’s guidelines about the “look to the East”, said Velayati, a former foreign minister who is currently the chief of the Expediency Council’s Center for Strategic Research Studies.

“Look to the East” requires expansion of ties with the Asian countries, so, [Rouhani’s] meetings during this trip are valuable,” he added.

The president’s trip proves the fact that Iran’s foreign policies are “comprehensive”, he noted.

Rouhani arrived at the Malaysian capital on Friday for a two-day visit.

The trip has so far taken him to Vietnam and has been scheduled to end in Thailand.

Elsewhere, Velayati said that Saudi Arabia should establish “good neighborliness” with the regional countries and stop interfering in their affairs.

Saudi Arabia will be harmed as long as it continues war with the countries in the region, he added.

NA/PA
 

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Publish Date : Saturday 8 October 2016 - 06:53

 

US eases more sanctions against Iran after nuclear deal

 

US Secretary of the Treasury Jack Lew

 

 

Islam Times - The United States has announced new measures further easing sanctions on Iran following last year’s landmark nuclear agreement.

 

 

The Treasury Department published new guidance on Friday allowing businesses to do dollar transactions with Iran by offshore banking institutions as long as they do not enter the US financial system.

 
The department also removed a blanket ban on foreign transactions with Iranian firms that may be run by individuals who are subject to US sanctions. The Treasury describes those people as “specially designated nationals” or SDNs.

 
Iran and the P5+1 group – the US, Britain, France, China, Russia plus Germany - reached the nuclear agreement, known as the Joint Comprehensive Plan of Action (JCPOA), on July 14, 2015.

 
In accordance to the JCPOA, which took effect in January, Iran has undertaken to put limitations on its nuclear program in exchange for the removal of nuclear-related sanctions.

 
The US, however, has continued to maintain sanctions on Iran and a number of Iranian companies and individuals, prompting complaints from Tehran that Washington is failing to implement its side of the deal.

 
Iran says the US is scaring foreign companies from doing business in or with the country, as they fear punishment for violating sanctions.

 
“As has been stated by the International Atomic Energy Agency (IAEA), Iran has remained committed to its commitments,” Ali Akbar Salehi, the head of the country’s Atomic Energy Organization, said on Friday.

 
“While the other side – it’s very clear now to public opinion and it’s not a secret – has not really delivered on the promises; that the sanctions would be removed and that banking transactions would go back to normal, that trade would speed up and economic relations would be enhanced. These have not been materialized to the extent that we expected,” he told The Guardian.

 
According to the new Treasury guidance, foreign transactions with non-sanctioned entities that are “controlled in whole or in part by an Iranian or Iran-related person on the SDN list” are “not necessarily sanctionable.”

 
Since January, the IAEA, which is tasked with overseeing the implementation of the JCPOA, has released regular reports confirming the peaceful nature of Iran’s nuclear activities and Tehran’s commitment to the agreement.

 

 

Story Code: 573665

 

 

[blueskyline]

Getting closer it seems 

[screwball]

The United States is further easing sanctions on Iran, making it easier for foreign firms to do business with the country following last year's nuclear deal.

On Friday the US Treasury Department published new guidance for businesses that said some previously prohibited dollar transactions with Iran by offshore banking institutions are allowed as long as they do not enter the US financial system.

The clarifications from Treasury's Office of Foreign Assets Control (OFAC) also remove a blanket ban on foreign transactions with Iranian firms that may be controlled by a person who remains subject to US sanctions.

Iran and the six world powers -- the US, Britain, France, China, Russia plus Germany – signed a nuclear agreement, known as the Joint Comprehensive Plan of Action, in July of last year.

In accordance with the JCPOA, which came into effect in January, Iran agreed to limitations on its nuclear program in exchange for the removal of the international sanctions.

The US, however, has continued to maintain sanctions on many Iranian companies and individuals, prompting complaints from Tehran that Washington has failed to implement its side of the deal.

Despite the nuclear agreement, which gave sanctions relief to Iran in return for it curtailing its nuclear program, the US maintains sanctions on Iran and certain Iranian companies and people. They are known as "specially designated nationals" or SDNs, for a variety of reasons, including Iran's ballistic missile program, human rights record and support for groups the US claims to be terrorist organizations.

"Foreign financial institutions, including foreign-incorporated subsidiaries of US financial institutions, may process transactions denominated in US dollars or maintain  US dollar-denominated accounts that involve Iran or persons ordinarily resident in Iran, or in which there is an interest of a person whose property and interests in property are blocked solely pursuant to Executive Order 13599 and section 560.211 of the ITSR, including NIOC, the CBI, and other individuals and entities that meet the definition of the government of Iran or an Iranian financial institution, provided that such transactions or account activities do not involve, directly or indirectly, the United States financial system or any United States person, and do not involve any person on the SDN List," says an updated statement available on the US Treasury website.

The new Treasury language says foreign transactions with non-sanctioned entities that are nonetheless "minority owned" or "controlled in whole or in part by an Iranian or Iran-related person on the SDN list" are "not necessarily sanctionable" under US regulations.

"It is not necessarily sanctionable for a non-US person to engage in transactions with an entity that is not on the SDN List but that is minority owned, or that is controlled in whole or in part, by an Iranian or Iran-related person on the SDN List," reads a newly-added guideline.

"However, OFAC recommends exercising caution when engaging in transactions with such entities to ensure that such transactions do not involve Iranian or Iran-related persons on the SDN."

Iran Grievances

Friday's steps by the Treasury come amid growing complaints from Iran that it is not getting the sanctions relief it deserves under the nuclear deal because remaining US sanctions have scared foreign companies from doing business in or with the country. The US insists it has met its obligations and blamed Iranian behavior for the reluctance of foreign companies do to business in Iran. At the same time, it has sought to reassure foreign companies that certain transactions with Iran will no longer be subject to US sanctions.

In a recent interview with the Guardian, Ali Akbar Salehi, the head of the country’s Atomic Energy Organization, had said while Iran has honored its commitments relating to the nuclear deal, the other side has not done enough to make good on its promises.

"While the other side – it’s very clear now to public opinion and it’s not a secret – has not really delivered on the promises; that the sanctions would be removed and that banking transactions would go back to normal, that trade would speed up and economic relations would be enhanced. These have not been materialized to the extent that we expected," he said.

Last month, the Treasury Department also granted the aviation giants Airbus and Boeing licenses to deliver planes to Tehran. The green light for aircraft sales allows Iran, a country of 80 million, to start rebuilding its aging fleet of Boeing and Airbus planes and other secondhand aircraft purchased from other countries.

Highlight: The new Treasury language says foreign transactions with non-sanctioned entities that are nonetheless "minority owned" or "controlled in whole or in part by an Iranian or Iran-related person on the SDN list" are "not necessarily sanctionable" under US regulations

 

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The Central Bank of Iran is working on a plan to raise the daily withdrawal limit at ATM devices, from 2 million rials (55$) to 4-5 million rials ($ 112-138), said the head of CBI’s IT department Nasser Hakimi. The official noted that the total volume of bank notes, ATM locations, and other security issues are key points to be considered before finalizing the decision, ebinews.com reported on Saturday. The current limit has remained unchanged for the past few years, even though the need for cash has increased. Customers usually have more than one bank card so that they can withdraw higher amounts of cash by transferring the money to their other bank accounts.

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In the wake of new opportunities and positive developments between Iran and Malaysia, the governor of the Central Bank of Iran has called for expansion of joint banking measures by the two Muslim states.

"Malaysia is one of the leading countries in Islamic banking and its banks have made tangible progress in devising new instruments in line with Islamic values," Valiollah Seif was quoted as saying by the official website of the CBI.

"We hope collaboration between the two countries can expand by drawing on mutual experience," he added, saying that positive opportunities have arisen to improve economic ties between the two sides.

Seif, who is accompanying President Hassan Rouhani on his tour of South East Asia, said Iran and Malaysia have had cordial ties in the past and the level of economic interaction was higher than what it is today.

"Regrettably due to the conditions that emerged after the sanctions, relations were halted for years. We hope that with President Rouhani's visit and his talks with Malaysian leaders, a new chapter will open and a turning point will emerge in ties between the two nations."

Stressing the role and importance of the banking industry, the CBI chief called the establishment of two-way banking relations one of the most fundamental factors in developing economic ties. He also said progress has been made regarding the development of economic relations.

Matters pertaining to the collaboration of commercial banks, "including connecting by way of a joint bank account to ease the process of handling trade" were among other subjects discussed between Seif and his Malaysian hosts.

Furthermore, as a result of the high number of Iranian and Malaysian tourists who visit each other's countries, both sides discussed the issue of bank cards. If an agreement is reached, residents and tourists of both countries will be able to use their cards to make payments in the host country.

Another issue during the talks was the formation of a joint committee that will "identify and alleviate banking hurdles."

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http://www.irna.ir/en/News/82261289/

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http://www.irna.ir/en/News/82261180/

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http://www.irna.ir/en/News/82261120/

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http://www.presstv.com/Detail/2016/10/05/487814/IranJapan-banks-cooperating-by-using-yen-

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https://financialtribune.com/articles/economy-domestic-economy/51343/time-to-expand-german-iran-transactions

[pokerplayer]

The only thing that is concerning me is with all this Info coming out there could be a flood of people buying the Riel as in the dinar and there may be a back room plan ? Just don't want a bucket of cold water dampening my enthusiasm in this investment.

Not a doubting Tomas, just trying to stay grounded if you were wondering about all the rocks in my pocket. 

pp

[climber7]

6 minutes ago, pokerplayer said:

The only thing that is concerning me is with all this Info coming out there could be a flood of people buying the Riel as in the dinar and there may be a back room plan ? Just don't want a bucket of cold water dampening my enthusiasm in this investment.

Not a doubting Tomas, just trying to stay grounded if you were wondering about all the rocks in my pocket. 

pp

Ya, that 'back room plan' is what's always concerned me too

What kind of options can they pull to make a back room plan? 

[pokerplayer]

1 minute ago, climber7 said:

Ya, that 'back room plan' is what's always concerned me too

What kind of options can they pull to make a back room plan? 

That's the 10M $ question climber7. Hope I am just seeing issues were there is none, but we all have dinar and, well we know how that is working out for us.

pp

[climber7]

1 minute ago, pokerplayer said:

That's the 10M $ question climber7. Hope I am just seeing issues were there is none, but we all have dinar and, well we know how that is working out for us.

pp

All this waiting--and baiting--sucks

Just want SOMETHING to happen to get off these rides 😡

[pokerplayer]

You and me both my friend !! I would love nothing better than Sun, sand , and a slew of umbrella drinks with you were we can laugh and say..... well it was not fun, but in the end it paid well !!

pp

[climber7]

3 minutes ago, pokerplayer said:

You and me both my friend !! I would love nothing better than Sun, sand , and a slew of umbrella drinks with you were we can laugh and say..... well it was not fun, but in the end it paid well !!

pp

Sounds like a good plan 👍