FATF urges countries to restrict crypto transactions with Iran

The Financial Action Task Force (FATF) urged countries to restrict cryptocurrency transactions involving Iran due to risks including terrorist financing. In a statement on Oct. 30, the FATF noted that Iran does not meet international standards for countering terrorist financing and called for restrictions on financial institutions and virtual asset service providers from entering Iran. The FATF recommended blocking Iranian firms from establishing overseas branches and prohibiting new correspondent relationships, maintaining Iran's designation as a high-risk jurisdiction. Regarding Vietnam, the FATF expressed concern over the slow progress in improving its anti-money laundering regime, particularly regulations for cryptocurrencies and virtual asset service providers. The FATF highlighted that Vietnam has not implemented an improvement plan due by May 2025 and warned of potential follow-up measures if no clear progress is made by February 2027.

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