Tag Archives | Financial Action Task Force (FATF)

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 […]

Iraq no longer subject to FATF Monitoring

By John Lee. The Financial Action Task Force (FATF) has congratulated Iraq for the significant progress made in addressing the strategic deficiencies in the areas of anti money laundering (AML) and countering the financing of terrorism (CFT) identified earlier by the FATF and included in its action plan. Iraq will no longer be subject to […]

ISIS Suffer New Funding Crisis

By Simon Kent. A think tank has estimated that the so called Islamic State have suffered another major blow to their finances, losing another 30% of their income in the course of a year. The news comes after reports in January that the group slashed the salaries of fighters by over half. In that respect, […]

Iraq "Not Making Sufficient Progress" on Money Laundering

By John Lee. As part of its on-going review of compliance with anti-money-laundering (AML) and countering the financing of terrorism (CFT) standards, the Financial Action Task Force (FATF) has singled out Iraq as a "jurisdiction not making sufficient progress." In a statement, the FATF has said: "Despite Iraq’s high-level political commitment to work with the FATF and MENAFATF […]