The operation of 4,000 unlicensed Qarz al-Hasanah funds, in accordance with the requirements of the Anti-Money Laundering Law, has become one of the most important legal and regulatory challenges to the country's financial system.
According to Ashura News, citing Mehr News Agency, the official announcement by the Financial Intelligence Center of the Ministry of Economic Affairs and Finance about the widespread activity of unlicensed Qarz-ol-Hasanah funds has once again put the legal and regulatory aspects of this phenomenon in the spotlight. According to official statistics, out of about 6,500 Qarz-ol-Hasanah funds active in the country, only 2,400 funds have a legal license and nearly 4,000 funds operate outside the regulatory framework.
Unlicensed Activities and Regulatory Risks
Hadi Khani, Head of the Financial Intelligence Center of the Ministry of Economy, had previously announced that a significant portion of the country's Qarz-ol-Hasanah funds operate without a license and are considered a serious threat to the health of the financial system due to their lack of connection to regulatory mechanisms and suspicious transaction reporting systems.
Investigations by the Financial Intelligence Center show that some of these funds had significant turnover. In one of the cases identified in Khorasan Razavi Province, seven unlicensed Qarz-ol-Hasanah funds had a hidden turnover of 17 trillion tomans. The center had also previously reported the identification of 3,340 unauthorized funds with a turnover of 515 trillion tomans.
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