The head of Iran’s Chamber of Commerce, Industry, Mining and Agriculture has criticized the growing number of unlicensed finance and credit companies in the country. In a report on Thursday July 31, IRNA quoted Ghoamhossein Shafei saying one of the chief problems for the economy is the lack of clear financial communication and the rise of unlicensed financial companies.

He said unlicensed finance and credit companies defeat all efforts to establish financial transparency and take away investment from the manufacturing and production sector and redirect it into brokerages and the middleman’s hands.

He stressed that all government bodies must be transparent about the financial organizations they are involved in.

Iran’s Revolutionary Guards Corps and Security Forces are said to be involved in many financial institutions that remain under the radar of government auditors and the administration.