LONDON: Iran said on Saturday it would resist the pressures of US sanctions by relying on its natural and human resources, as Washington pushes allies to cut economic ties with Tehran.

“It is a critical moment for our economy, but we are not in a dead end,” Vice President Eshagh Jahangiri was quoted as saying by the state news agency IRNA.

“This country has plenty of human and natural resources that can rely on.” “The size of our oil and gas resources is number one in the world. In minerals and metals we are among the top 10 countries, Jahangiri said.

Washington has withdrawn from a deal that had lifted sanctions on Tehran in return for curbs on its nuclear programme.

Sanctions imposed in August target Irans trade in gold and other precious metals, its purchases of US dollars and its car industry.

US President Donald Trump has said a new round of sanctions will be imposed in November, targeting Iranian oil sales.

Irans Supreme Leader Ayatollah Ali Khamenei last week rejected Trumps offer of talks.

Iran’s rial currency has lost about half of its value since April, driven mainly by heavy demand for dollars among ordinary Iranians trying to protect their savings.

Anti-money laundering law

A top Iranian constitutional body has demanded changes to anti-money laundering measures passed by parliament, state-run media said on Saturday, as Tehran nears a deadline to pass legislation to help it attract investment while facing U.S sanctions.

Iran has been trying to implement standards set by the Financial Action Task Force (FATF), an inter-governmental organisation which underpins regimes combatting money laundering and terrorist financing. It hopes it will be removed from a blacklist that makes some foreign investors reluctant to deal with it.

In June, FATF said Iran had until October to complete the reforms or face consequences that could further deter investors from the country, which has already been hit by the return of U.S. sanctions. {nL5N1UY39D] Hardliners in parliament have opposed legislation aimed at moving towards compliance with FATF standards, arguing it could hamper Iranian financial support for allies such as Lebanons Hezbollah, which the United States has classified as a terrorist organisation.

The Guardian Council, which vets legislation passed by parliament for compliance with the constitution, objected to four items in the anti-money laundering amendments and returned the measure to parliament, spokesman Abbas Ali Kadkhodaei was quoted by the judiciary’s news agency Mizan as saying.

Kadkhodaei did not give details of the four items, according to Mizan.

Published in Dawn, August 19th, 2018