Salih: Positives of Iraq being out of UK high-risk list of money laundering

INA - Baghdad
Prime Minister’s Advisor for Financial Affairs, Mudhher Muhammad Salih identified on Saturday, several advantages for removing Iraq from the UK list of high-risk countries for money laundering.

"The monetary authority realizes that UK, the London financial market in particular, is the number one international financial center, and that UK has taken a step in the field of strengthening the governance of international financial work for Iraq by removing Iraq from the list of countries with high risks of money laundering and terrorist financing crimes, will provide the Iraqi financial market with a greater confidence of the international financial community about Iraq and its banking institutions that it has a high degree of reliability and low business risks in financial dealings, especially in the circulation of money and its use as well as, the importance of this in providing an economic environment with a sound and safe investment,” said Salih in a statement to the Iraqi News Agency (INA).

He explained that this is a result of the high diplomatic efforts made by the Central Bank of Iraq in monitoring the flow of funds within the framework of international financial cooperation, “which is reflected in the active membership of Iraq and the Iraqi Anti-Money Laundering Office and the role of the international financial work team for the Middle East and North Africa region since 2004,”

"Removing Iraq from the UK list, which classifies dangerous countries in money laundering and terrorist funds, will be a pillar in maximizing the international investment climate and international investors to work in Iraq and invest in it in all fields without legal risks or exposing them to accountability for that, as well as expanding prospects for safe credit dealing between Iraqi and UK banks, which will provide lines of credit to all Iraqi banks by UK banks at the lowest costs in conducting banking transactions,” he added.

 Salih continued that "the positive British evaluation resulting from raising the name of Iraq from the high-risk countries on the UK list in the field of combating money laundering, and in this positive form will enhance the degree of credit rating of Iraq and give confidence to the three European bonds for Iraq that are currently traded in global capital markets, whose value is close to less than 5 billion dollars, as well as that it will enhance the creditworthiness of Iraq when conducting the next credit rating, which means that the Iraqi environment has become positive, attractive and encouraging for work and international economic activity,”

Earlier, the Central Bank of Iraq announced, last Sunday, the issuance of a decision by the British Treasury not to include Iraq in the UK classification of high-risk countries, indicating that this will positively affect the facilitation of business and the entry of companies between the two countries.