A global task force will enhance supervision of Iran-based financial entities over Tehran's alleged money laundering, Secretary of State Mike Pompeo announced in a statement.

Axar.az reports citing foreign media that "today, the Financial Action Task Force (FATF) responded to Iran's willful failure to address its systemic money laundering and terrorist financing deficiencies by requiring increased supervision of Iran-based financial institutions. The Islamic Republic of Iran regularly seeks to use deception and subterfuge to fund its illicit activities, threatening the integrity and security of the international financial system," Pompeo said on Friday.

Pompeo claimed in the statement that the Islamic Revolutionary Guard Corps continues to engage in illegal financing schemes, which include support for US-designated terrorist groups like Hezbollah and Hamas.

"The IRGC's illicit financing schemes are facilitated at the highest levels of Iran's government," Pompeo stated. "The FATF also reaffirmed its concern with terrorist financing risk emanating from Iran and the threat it poses to the international financial system. Three years after Iran committed to an action plan with the FATF, the majority of its necessary work remains incomplete."

Pompeo also urged Iran to "ratify the Palermo and Terrorist Financing Conventions in line with the FATF standards or face additional measures."

The 30-year old FATF was established in 1989 by the financial ministers of member nations - which include the United States and Russia - to set legal, regulatory and operational standards to combating money laundering, terrorist financing and related threats to the integrity of the international financial system.