Iraq added to FATF grey list as Kuwait remains under scrutiny
The Financial Action Task Force (FATF) has placed Iraq on its grey list of countries with deficiencies in anti-money-laundering and counterterrorism financing laws, while keeping Kuwait on the list despite recent reforms. Algeria, by contrast, was removed after regulators acknowledged its progress.
The Paris-based watchdog, which met on Friday, said Iraq requires work on managing cash-related risks, increasing money-laundering and terrorist-financing investigations, and making better use of financial intelligence.
"Iraq has been added to the grey list as work is needed to tackle risks related to cash, increase money-laundering and terrorist-financing investigations and enhance the use of financial information," said FATF president Elisa de Anda Madrazo.
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Muhammad Ali Bandial