Title: Iraq Removes “High-Risk” Tag for Money Laundering by European Union

Background

• Iraq considered a high-risk jurisdiction for money laundering by the European Union (EU)
• Long-standing concerns over AML/CFT regulations in Iraq

Significant Progress

• Iraq cleared of “high-risk” tag by the EU following improvements
• Progress aligns with the stance of the US, UK, and Financial Action Task Force (FATF)

Evaluation by FATF

• Inter-governmental organization evaluates countries’ AML/CFT regimes
• Iraq’s improvements recognized as effective measures in strengthening AML framework

Support from Europol

• Ville Varjola, Europol Director: “Iraq has demonstrated significant progress”
• EU’s anti-money laundering body continues to support Iraq’s efforts

Key Achievements

• Establishment of a Financial Intelligence Unit
• Addressing identified deficiencies in AML/CFT framework

International Implications

• Improved international standing for Iraq
• Attract more foreign investment into the country

Moving Forward

• Signal of progress towards a more stable and economically viable Iraq
• Continued efforts to improve regulatory framework in the financial sector