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FATF accession to help Iran address sanctions: Bank official

'If we are urging the Europeans to establish secure channels, maintain their financial relations with Iran in the face of the sanctions and preserve such relations, we should know that, similar to a football match, here again we have two sides requiring us to observe and execute international regulations, including those set by the FATF organization,' said Farhad Nili in his recorded video message for the 39th meeting session of Tehran's Chamber of Commerce, Industries, Mines and Agriculture held on Tuesday.

Nili went on to compare the international banking environment with the FIFA World Cup.

'I want to use the aura created by the FIFA World Cup and the global football fever to say that the global banking atmosphere is similar to the FIFA World Cup,' he said.

'To keep global banking relations, we need banks that have not been given the red card; banks that have not been shown two yellow cards or even cautioned once,' he said.

Unlike a football match, banking ties are not expected to come to an end after 90 minutes, he added.

As soon as banking relations are established, it is hardly imaginable to determine an exact time to terminate them, Nili said.

'We need qualified and ready players to be put into the match,' the representative of the Central Bank of Iran (CBI) in the World Bank said.

Banks in Iran have failed to represent themselves as international and regional players, he warned.

'That is not because they are bad banks, rather they have failed to take part in the race,' Nili said.

'The laws of the game, so far, have been introduced domestically and internally,' he said

But similar to the football where the laws and regulations are introduced by the FIFA and every player and every team has to obey them, the Iranian banks also should learn how to play in an international pitch, he said.

'Nobody is going to agree with our argument that these regulations and set of standards are unfair, as they are now the FIFA regulations,' he stressed, adding that there is no difference between FIFA, FATF or any other international institution.

'We are in the playground and in addition to us, the rival team, the referee, there are thousands of spectators watching the match and they are also quite aware of the international laws and regulations,' the Iranian official said.

'Even millions are watching the match indirectly and they are also quite familiar with the international regulations and agree with them,' Nili said.

Nili also urged the Iranian banks to try to gain the wherewithal needed to perfectly engage with the world.

'We are about to enter a completely new ecosystem and in order to prevail and especially do financial activities, we need to acquire abilities unknown to us before,' he said.

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