Legal expert explains the importance of Iraq leaving the British classification of high risk countries

Legal expert explains the importance of Iraq leaving the British classification of high risk countries

04/18/2021 18:18:57

Legal expert explains the importance of Iraq leaving the British classification of high risk countriesThe legal expert, Tariq Harb, explained the importance of Iraq leaving the British classification of high risk countries.

Harb said {to Euphrates News} that “many foreign companies were reluctant to enter into projects inside Iraq; but after the recent British decision, the doors of work were opened in front of them.”
He added, “We find foreign companies currently operating in Iraq from the era of the former regime to the present day, and they are Iraqi companies with foreign names or companies that are not prestigious in the international commercial field.”
Harb pointed out, “The exit of Iraq from the list of dangerous countries has a political effect, as it moved from a state of politics to the highest, not to mention that such a qualitative shift gave the current political leaders, at the forefront of which the government and parliament, a feature that the previous ones did not obtain.”
The legal expert concluded, “Now it has become clear to those who rule Iraq, its people, and its political leaders that the outlook of foreign countries will not be realized unless there is political development in the country.”
The British Treasury in the United Kingdom Government Department did not include the name of the Republic of Iraq among the lists of high risk countries according to Resolution No. 392 of 2021.
The United Kingdom adopted the recommendations of the Financial Action Task Force (FATF) in classifying countries with high risks in terms of applying anti-money laundering and terrorist financing standards. After its exit from the European Union, and I promised Iraq is committed to keeping up with and implementing international recommendations.
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.

alforatnews.com