Financial Crime World

Iraq Removed from EU’s High-Risk Countries List for Anti-Money Laundering Efforts

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A Significant Move for Iraq’s Fight Against Money Laundering and Terrorism Financing

In a major development, the European Union (EU) has removed Iraq from its list of high-risk countries in combating money laundering and financing of terrorism. This decision comes after a letter was delivered to Prime Minister Mustafa Al-Kadhemi on September 1, 2022, congratulating Iraq on its impressive efforts to improve its anti-money laundering system and combat terrorist financing.

A Testament to Iraq’s Efforts

The Ministry of Foreign Affairs hailed the move as a testament to Iraq’s great measures and efforts in addressing the concerns raised by the EU. The ministry also commended the European Union, countries that voted in favor of the resolution, and the union mission in Iraq for their positive and continuous cooperation.

A Journey of Improvement

Iraq had previously been listed as a high-risk country due to concerns over its anti-money laundering regime. However, the country has made significant strides in addressing these issues, bringing its procedures in line with international requirements.

Key Contributors to this Achievement

  • Ministry of Finance
  • Central Bank of Iraq
  • Other supporting bodies

The Ministry of Foreign Affairs expressed its gratitude to these national authorities for their contributions to this achievement. The removal from the EU’s list is seen as a major success for Iraq and a recognition of its commitment to combating money laundering and terrorist financing.

A Positive Outcome for Iraq

This development is a significant step forward for Iraq in its efforts to combat money laundering and terrorist financing. It demonstrates the country’s commitment to improving its anti-money laundering system and compliance with international standards. The removal from the EU’s list also opens up new opportunities for cooperation and collaboration between Iraq and the European Union.