Iraq not included in British ranking of high-risk countries

Iraq 01:58 PM - 2021-04-19

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The Central Bank of Iraq announced on Sunday that Iraq will not be included in the British ranking of high-risk countries.

 

In a statement, the bank said: "In the framework of the efforts of the Central Bank of Iraq and through the Office of Combating Money Laundering and Combating the Financing of Terrorism in developing the business environment within the international compliance standards for combating money laundering and terrorist financing, The British Treasury of the United Kingdom Government did not include the name of the Republic of Iraq among the lists of high risk countries according to Resolution No. 392 of 2021. "

 

“The United Kingdom has adopted the recommendations of the Financial Action Task Force (FATF) in classifying countries with high risks in terms of applying anti-money laundering and terrorist financing standards, after its exit from the European Union countries, and classified Iraq as committed to keeping pace with the international recommendation,” the statement read.

 

The bank noted that this reflects positively on facilitating business and entering companies between the two countries.

 

Legal expert explains the importance of Iraq exit from the British classification of high-risk countries

 

The legal expert, Tariq Harb, stressed the importance of Iraq leaving the British classification of high-risk countries.

 

Legal expert Tariq Harb said during a special statement to PUKmedia on Monday: "Many foreign companies were reluctant to enter into projects inside Iraq, but after the recent British decision, the doors of work opened up in front of them."

 

"The exit of Iraq from the list of dangerous countries has a political effect, as it moved from a low state to a high state, not to mention that such a qualitative shift gave the political leaders present now, led by the government and the Council of Representatives, a feature that the previous ones did not obtain," he added.

 

 

 

PUKmedia