UK Removes Iraq from List of "High-Risk Third Countries"

By John Lee.

The United Kingdom has removed Iraq from the list of high-risk third countries for the purposes of money laundering legislation.

The new listing -- "Schedule 3ZA" -- does not include Iraq.  This schedule replaces the list in Commission Delegated Regulation (EU) 2016/1675 of 14th July 2016 by identifying high-risk third countries with strategic deficiencies ("the CDR").

The Central Bank of Iraq (CBI) welcomed the decision, saying:

"The fact that Iraq is not included in the list of high-risk countries is positively reflected in facilitating business and entering companies between the two countries, as well as supporting financial operations between the Iraqi banking sector and the United Kingdom."

More here, here, here (Arabic) and here.

(Sources: UK Govt, Central Bank of Iraq)

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