The Anti-Money Laundering Office issues a statement on the European decision: Iraq will be removed from the list of high-risk countries soon


7/20/2020 12:55

Number of readings 55

Section : Iraq

Baghdad / Obelisk: The Anti-Money Laundering and Combating the Financing of Terrorism Office in Iraq, on Thursday 9 July 2020, issued a statement regarding the decision of the European Union Commission to continue to keep Iraq in the revised list of high-risk countries on money laundering and terrorist financing.

A statement of the office mentioned to the “obelisk” stated that the efforts made to remove the name of Iraq from the European list of high-risk countries are still ongoing since the issuance of that list for the first time in 2016, which was more comprehensive than the list issued by the International Financial Action Group FATF.

He added that in 2018, after meeting many requirements and clear progress in the Iraq file in the field of combating money laundering and terrorist financing, the name of Iraq was removed from the international list of the FATF group to escalate the impact of that effort and cohesion in order to accelerate the removal of his name from the European list through compliance The full European standards in this field, and Iraq has continued, through high-level coordination between its government agencies to develop anti-money laundering and terrorist financing measures by issuing regulations and instructions regulating this sector and the acquisition of devices and programs that contribute to uncovering this type of operation in addition to entering into bilateral and multiple treaties The parties are concerned with international cooperation in combating these crimes.

The statement pointed out that the continued inclusion of Iraq in the European Union list was not due to the indication of a deficiency in the Iraq file, but was under the pretext that the security situation in Iraq did not enable the European Union Commission to stand on the Iraqi situation in the field or communicate with Iraq directly, and that this reason It was not a technical or acceptable reason for the continued inclusion of Iraq in this list. The Ministry of Foreign Affairs and the Ministry of Finance took the initiative to send letters of protest against the European Commission’s recent recommendation not to remove Iraq from the list.

He continued: The Anti-Money Laundering and Terrorist Financing Office also continued to hold meetings with the relevant authority in the Commission to explain and provide evidence that Iraq fulfills the requirements and standards of the European Union in the field of combating money laundering financing terrorism.

He pointed out that it is important to point out that the last recommendation of the European Commission has not yet entered into force and that it does not mean preventing dealing with Iraq, but rather is limited to applying due diligence towards financial transactions that Iraqi institutions are part of, and that the extraordinary efforts made by many government agencies recently contributed In communicating the voice of Iraq and its real efforts in this field, it is hoped that the European list will be reviewed soon, and that the name of Iraq will be removed from it.

The Minister of Foreign Affairs, Fouad Hussein, had expressed Iraq’s disappointment at the decision of the European Union Commission to include Iraq in the revised list of high-risk countries regarding money laundering and terrorist financing.

In his letter to his European counterparts, Hussein expressed his surprise at the justification given by the committee for its decision on Iraq, and disclosed by saying: Our competent authorities have been working closely over the past two years to provide the necessary and relevant information through official channels on meeting the requirements of the European Union to combat money laundering and financing Terrorism.

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