TIMES.KY

Cayman Islands, Caribbeanand International News
Thursday, Jan 26, 2023

Europe Says Iraq Is No Longer A High Risk For Money Laundering

Europe Says Iraq Is No Longer A High Risk For Money Laundering

The European Union has removed Iraq from its list of countries deemed to be high risk for money laundering, six years after first identifying it as a problematic jurisdiction.

The EU’s ambassador to Iraq Ville Varjola met prime minister Mustafa al-Kadhimi in Baghdad on January 9, saying he was “bringing the good news … that Iraq has been taken off the list of countries at high risk of money laundering by the EU.”

Varjola went on to say that the move “will pave the way for deepening financial cooperation and investment.” He did not give any reasons for the change.

Al-Kadhimi welcomed the decision, saying it was “a manifestation of our effective diplomatic efforts. We will continue working diligently to serve our national interests, and achieve Iraq's deserved status.”

The decision by the EU comes as Iraq slowly inches closer to forming a new government, following the general election in October 2021.

Iraq had been included among the EU’s list of countries with strategic deficiencies in anti-money laundering (AML) and combatting the financing of terrorism (CFT) since Brussels issued its first list in July 2016.

The list has undergone regular changes since then – Ethiopia, Sri Lanka, Trinidad & Tobago and Tunisia were all added in 2017 and Pakistan was added the following year. In 2020, Bosnia Herzegovina, Guyana, Laos, Ethiopia, Mongolia, Sri Lanka and Tunisia were all removed. Until now, though, Iraq has remained steadfastly on the list.

It's removal will leave 18 countries on the EU’s high-risk register, ranging from Afghanistan to Zimbabwe via the likes of The Bahamas, Syria and Yemen.

In line with FATF ‘grey list’


The EU’s change of heart on Iraq is in line with the position of other major economies and intergovernmental watchdogs.

The EU list is similar to the ’grey list’ of countries maintained by Paris-based global anti-money laundering watchdog the Financial Action Task Force (FATF) – officially known as the list of “jurisdictions under increased monitoring”.

Iraq was removed from the FATF grey list in June 2018. At the time, the organisation said the country had made “significant progress in improving its AML/CFT regime”

Some 11 countries feature on both the EU and FATF lists, including Cambodia, Jamaica, Myanmar and Panama. It was recently reported that the United Arab Emirates may be placed on the FATF grey list, although that has not been confirmed.

The U.S. State Department compiles a far more extensive list of countries as part of its annual International Narcotics Control Strategy Report. The most recent report, published in March last year, featured 80 "major money laundering jurisdictions" including the U.S. itself but not Iraq.

Since leaving the EU, the UK has maintained its own list of countries deemed to be high-risk for money laundering. In March last year, London also removed Iraq from its list.

Newsletter

Related Articles

TIMES.KY
Close
0:00
0:00
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
Tesla slashes prices globally by as much as 20 percent
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
Saudi Arabia set to overtake India as fastest-growing major economy this year 
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
UK chaos: Hong Kong emigrants duped by false prospectus
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Will Canada ever become a real democracy?
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
A Republican congressman-elect is under investigation in New York after he admitted he lied about his education and work experience.
Brazilian football legend Pele, arguably the greatest player ever, has died at the age of 82.
Hong Kong to scrap almost all its Covid rules
EU calls screening of travellers from China unjustified
US imposes Covid testing for visitors from China
Ukraine President Volodymyr Zelenskyy Addresses Joint Session of Congress - FULL SPEECH
If a country is denied the right to independence by another, it is not in a union. It is in a dictatorship.
Where is Rishi? Chancellor Jeremy Hunt's excuses about the UK's economic challenges just don't make sense
Former FTX CEO Bankman-Fried finally arrested in Bahamas after U.S. files charges
Corruption works: House Financial Services Chair Waters doesn't plan to subpoena her donor, Sam Bankman-Fried, to testify at hearing on FTX collapse
Ronaldo's new contract...
Prince William's godmother resigns honorary royal role after exposing her/their racism
British PM Rishi Sunak pledges further action on strikes to 'protect lives'
Tax fraud verdict again exposes illusion of Trump the master businessman
Tax fraud verdict again exposes illusion of Trump the master businessman.
Double standards: UK lawmakers attack EU chief over Ireland claims
Yellen hints at ‘national security’ probe into Twitter purchase
Elon Musk reinstates Donald Trump's Twitter account.
George W. Bush and Barack Obama will hold back-to-back disinformation conferences
Mission Improbable: Tom Cruise & Queen Elizabeth
Miss Argentina and Miss Puerto Rico are not single anymore
Matt Hancock is back to the jungle
×