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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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His political and economic breakthrough is the exit of Iraq from the European list for financing ter

rocky
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Iraq - His political and economic breakthrough is the exit of Iraq from the European list for financing ter Empty His political and economic breakthrough is the exit of Iraq from the European list for financing ter

Post by rocky Wed 12 Jan 2022, 6:51 am

[size=52]His political and economic breakthrough is the exit of Iraq from the European list for financing terrorism[/size]

[size=45]Iraq announced its removal from the European Union's list of countries with high risks in the areas of combating money laundering and terrorist financing, which analysts considered a major economic and political breakthrough, especially in light of the country's trend towards reconstruction, facilitating the movement of funds and international support that were affected by the decision.[/size]
[size=45]The Iraqi Foreign Ministry said, in a statement, that "the European Commission delegation handed Prime Minister Mustafa Al-Kazemi a letter that included removing Iraq from the European Union's list of countries with high risks in the fight against money laundering and terrorist financing."[/size]
[size=45]She added, "The mission congratulated Iraq on the great measures and efforts that have been taken to improve the anti-money laundering system and combat the financing of terrorism."[/size]
[size=45]The ministry added that "the positive and continuous cooperation provided by the European Union, the countries that voted on the resolution (did not give details) and the Union mission in Iraq, came after Iraq raised its procedures to the level of international requirements."[/size]
[size=45]When did the classification happen?[/size]
[size=45]In May 2020, the European Commission classified Iraq, along with other countries, including Afghanistan, Pakistan, Syria, Yemen, Iran and North Korea, on the list of countries that pose financial risks to the European Union, due to the shortcomings in combating money laundering and terrorist financing.[/size]
[size=45]It said that it included it in the black list of countries that pose financial risks to the European Union due to indications of money laundering and terrorist financing in it, considering that it "has become a threat to the financial system of the Union."[/size]
[size=45]what does that mean?[/size]
[size=45]The Iraqi analyst, Hashem Abdul-Karim, said that canceling the classification is a great breakthrough, especially as it comes with the country heading towards the reconstruction phase and then facilitating the movement of funds to and from Iraq after there were severe European restrictions.[/size]
[size=45]Abdul Karim added that the inclusion of any country in this European blacklist has very serious consequences, including imposing restrictions on financial transfers to and from the country, which negatively affects investment and the work of investors in it, and deprives many of the advantages it enjoys in financial and banking transactions. .[/size]
[size=45]He explained that the classification was greatly damaging Iraq's financial and political reputation, and consequently reduced support from the European Union to the Iraqi government in political and economic terms, in addition to the fact that it was difficult for Iraq to obtain credit or international loans or from international donor institutions on concessional terms.[/size]
[size=45]And he continued: "Since the issuance of the decision, the Iraqi government in general and the Ministry of Foreign Affairs in particular has moved by presenting all pledges to take the required steps in exchange for removing Iraq's name from the European blacklist."[/size]
[size=45]He explained that "many files submitted by Iraq prove its great efforts in combating corruption and terrorism," noting that Iraq has provided the European Commission with guarantees and pledges to continue its efforts in this context, especially as it has made great progress.[/size]
[size=45]Iraqi steps[/size]
[size=45]Last October, Iraq's mission to the European Union said that Baghdad had met all the criteria of the Financial Action Task Force (FATF) for removing its name from the list of high-risk countries, and provided the European side with all the documents it requested that prove that it met all the criteria.[/size]
[size=45]At that time, the mission said, in a statement, that "Ambassador Abdel Karim Tumah, head of the European Department in the Iraqi Foreign Ministry, and head of the delegation of the Republic of Iraq to the European Union, Sadiq Al-Rikabi, chaired a technical meeting held in Brussels between the Iraqi team concerned with removing the name of Iraq from the European list, and the team The European Commission concerned with this file in the European Commission and the Department for External Action.[/size]
[size=45]She added that "Iraq has confirmed its ability to overcome many challenges recently, and that it plays a role in the Middle East region, and looks forward to constructive cooperation with the European Union in all fields, and to overcome all obstacles that prevent this, especially those related to removing its name from the European list." for high-risk countries.[/size]
[size=45]The statement stressed that the Iraqi side considered keeping its name on this list "unfair, especially since Iraq is still facing the threat of terrorism," explaining that "the Iraqi technical team answered all the inquiries of the European side to complete the final assessment."[/size]
[size=45]The statement indicated that “the technical team presented a review of the achievements of the Iraqi system to combat money laundering and terrorist financing, the latest developments in the laws against money laundering and terrorist financing, and the types of regulatory authorities and their work, such as the Anti-Money Laundering and Terrorist Financing Council, the Committee for Freezing Terrorist Funds and institutions concerned with combating organized crimes.” The judiciary, and Iraq’s most important achievements under the first national strategy to combat money laundering and terrorist financing for the period 2017-2020.[/size]
[size=45]The Financial Action Task Force (FATF) comes as an acronym, and it is the parent group that came in response to combating money laundering, terrorist financing and the proliferation of armaments, in order to enhance protection against threats and other related threats to the banking system and financial institutions and what affects the integrity of the international financial system from practices Illegal, such as money generated from human trafficking, narcotics, etc., which was established by the G-7 summit in Paris in 1989.[/size]
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