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Away from the gray list
Economic 09/02/2024
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The removal of Iraq from the gray list in the field of combating money laundering and terrorist financing gives many indications with a supportive character for the country's macro-economy, at a time when the economic sectors in general need a supportive position from international economic organizations and relevant regulatory bodies regarding financial exchanges and transactions to and from Iraq.
Removing Iraq from this list, which includes the names of high-risk countries due to the spread of this phenomenon, means that the Iraqi business environment has become compliant with international standards, and is a favorable environment for foreign capital that wants to invest in the country, after proving the adequacy of the procedures followed by the Iraqi authorities in the field of combating money laundering and terrorist financing.
In this regard, it is necessary to invest in this transformation, which indicates a positive state in the joints of any environment that is intended to be attractive to investments, as it necessarily means compliance with the measures taken and that meet international rules and requirements, which means technical commitment to legal frameworks, regulations, instructions and controls to combat money laundering and terrorist financing, and thus it is an indication of the existence of a serious legal and executive environment, which means the possibility of devoting efforts to activating other elements of an attractive business environment, most notably the introduction of technologies and reducing the cycles of slackness in institutional performance and working with a single window system and completing the preparations for the existence of a comprehensive banking system in all government and private banks, in addition to the importance of having monetary stability that contributes to supporting the plans of companies and businessmen in the calculations of economic feasibility studies, as no financial study can be prepared without stability in exchange rates in which the study author is aware of market movement and the possibilities of change in exchange rates based on market data within reasonable limits in which the exchange rate fluctuates at the very least, and in the best of cases, the stability and constancy of exchange rates is the basis for the calculations of financial feasibility studies, which makes the business environment easy to predict regarding input costs Operations and outputs.
On the one hand, reducing the circles of flabbiness in a way that elevates the business environment to the level of business environments in developed countries will inevitably contribute to combating the remnants of corruption and bureaucracy that still hinder many ideas and projects and prevent their implementation on the ground, in addition to the importance of upholding the rule of law in areas that witness the influence of societal formations outside the authority of the state, with the importance of extending the authority of the state in the most remote areas that may witness important economic investments.
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