Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

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.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Hungary Ranked Among the World’s Safest Travel Destinations for 2025
G7 Leaders Fail to Reach Consensus on Key Global Issues
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
×