ERBIL — The European Union has taken off Iraq from its list of countries at high risk of money laundering, EU envoy in Iraq said on Sunday.
“Bringing the good news today to HE Prime Minister Mustafa al-Kadhimi that Iraq has been taken off the list of countries at high risk of money laundering by the EU,” EU Ambassador to Iraq Ville Varjola wrote on Twitter after meeting with Kadhimi yesterday.
“[It] will pave the way for deepening financial cooperation and investment,” he added.
Iraqi PM Mustafa al-Kadhimi welcomed the decision and wrote in a brief statement on Twitter: "The decision of the EU to delist Iraq from the list of h countries on AML/CTF is a manifestation of our effective diplomatic efforts. We will continue working diligently to serve our national interests, and achieve Iraq's deserved status."
This comes after PM Kadhimi asked the President of the European Commission, Ursula von der Leyen, in July 2021 to remove Iraq from the list.
According to a statement from the Prime Minister's office at the time, Ms. von der Leyen praised the economic reforms pursued by the Iraqi government, and said the Commission supports Iraq's White Paper and anti-corruption mechanisms.
Earlier in 2021, the United Kingdom removed Iraq from its list of high-risk third countries for the purposes of money laundering legislation.
Commenting on Ambassador Varjola’s statement, Aziz Ahmad, Deputy Chief of Staff to Kurdistan Region Prime Minister Masrour Barzani, described the decision as“excellent news” that would allow “European investment banks to enter Iraq and KRI [Kurdistan Region of Iraq] markets.”
He said that removing Iraq from the watchlist was the result of hard work by the Anti-money laundering (AML) teams in Erbil and Baghdad.