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
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Druzhba Pipeline Incident Sparks Geopolitical Tensions
Cost of Opposition Leader Péter Magyar's Economic Plan Revealed
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Budapest Central European Fashion Week Kicks Off
U.S. Celebrates Labor Day
Hungarian National Team Captain Scores Epic Goal
EU is getting aggressive: Four AfD Candidates Die Unexpectedly Ahead of North Rhine-Westphalia Local Elections
Japanese Customer Sways from VW to BYD after “Unbelievable” Test Drive amid Dealership Expansion
Nestlé Removes CEO Laurent Freixe Following Undisclosed Relationship with Subordinate
Pickles are the latest craze among Generation Z in the United States.
Giuliani Seriously Injured in Accident – Trump to Award Him the Presidential Medal of Freedom
Deadline Day Delivers Record £125m Isak Move and Donnarumma to City
Nvidia Reveals: Two Mystery Customers Account for About 40% of Revenue
Woody Allen: "I Would Be Happy to Direct Trump Again in a Film"
Lula and Putin Hold Strategic BRICS Discussions Ahead of Trump–Putin Summit
White House Eyes Budapest for Peace Talks
Cave Diving Beneath the Streets of Budapest
Another American Restaurant Chain Opens in Budapest
Hungarian Opposition Politician Supports Ukrainian Commander
Opposition Leader Threatens Media Outlets
American Airlines Adds New Flights to Budapest
F1 Hungarian Grand Prix Wraps Up
WhatsApp is rolling out a feature that looks a lot like Telegram.
U.S. Trade Representative says Washington still negotiating trade deals after court rules tariffs illegal
Von der Leyen says Europe drawing up 'precise' plans to send troops to Ukraine
Kremlin accuses Europe of hindering Trump’s peace efforts in Ukraine
×