Task force: Iran poses risk to global financial system

The international body fighting money laundering and terrorist financing on Thursday blacklisted Iran, Angola, North Korea, Ecuador and Ethiopia as posing risks to the international financial system.

The Financial Action Task Force (FATF), comprising governments and regional organizations named the countries after a meeting in The United Arab Emirates' capital Abu Dhabi.

Publication of the blacklist follows promises by the Group of 20 major economies last year to crack down on the problem, calling on the FATF to identify "uncooperative jurisdictions."

Iran has been named as a jurisdiction where risks emanate due to the ongoing and substantial money laundering and terrorist financing, the FATF said in a statement, urging member countries to apply counter measures against Iran to protect the international financial system.

"The FATF remains particularly concerned about Iran's failure to address the risk of terrorist financing and the serious threat this poses to the integrity of the international financial system," the statement said.