TEHRAN (Press Shia) – Iran’s vice president for legal affairs hailed the Financial Action Task Force’s decision to extend suspension of counter-measures against Tehran, saying it would do a big favor to a European Union-proposed payment system for sustained trade with Iran under US sanctions.

In comments on Saturday, La'ya Joneidi described the FATF’s move to extend suspension of anti-Iran measures as a great legal victory for Iran.

Describing the FATF’s move in favor of Iran as a “positive step” to maintain Iran’s international banking connections, she argued that exclusion of Iran from the FATF’s blacklist would pave the way for new financial arrangements that Tehran will be making for trade with Europe, China, Russia and neighboring countries.

She also noted that the extended suspension of FATF’s counter-measures against Iran would do a big favor for the preparation of the EU-proposed financial and banking mechanism which is part of the European package of measures to secure Iran’s benefits from the 2015 nuclear deal.

On Friday, the Financial Action Task Force said Iran had until February to complete reforms that would bring it into line with global norms or face consequences.

The European Union said in September that its members would set up a payment system to allow oil companies and businesses to continue trading with Iran in a bid to evade sanctions after the US withdrew from the 2015 nuclear agreement between Tehran and world powers.

With the United States and the dollar dominating so much of global trade, the statement said the new mechanism would "facilitate payments related to Iran's exports (including oil) and imports, which will assist and reassure economic operators pursuing legitimate business with Iran."