On June 24, the Financial Action Task Force (FATF) announced that it will keep Iran on its list of high-risk countries. The inter-governmental body, however, welcomed Iran’s commitment to address its record on money laundering and financing terrorism, and, as a result, suspended some restrictions for a year while Iran attempts to improve deficiencies. But the FATF warned that it would reinstate its counter-measures if Iran fails to improve. The group, whose 37 members met in South Korea, also decided to keep North Korea on its blacklist.