Global financial crime FATF watchdog adds Iraq and Bosnia to 'grey list'

The Financial Action Task Force added Iraq and Bosnia to its 'grey list' for failing to adequately combat money laundering and financial crime.

The global ​Financial Action Task Force watchdog ​added Iraq and ‌Bosnia on ​Friday to its 'grey list' of countries that need increased monitoring in ‌terms of their efforts to tackle money laundering and financial crime. "The Plenary added Bosnia and Herzegovina to the ‌grey list, as work is needed to strengthen its ‌defences against criminals and terrorists abusing its financial system and ensure effective supervision of the banking sector," said FATF president Elisa ⁠de Anda Madrazo ​in a ⁠statement.

"Iraq has also 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," she added. Since taking office in May, ⁠Iraqi ​Prime Minister Ali al-Zaidi has said that rebuilding Iraq's economy, attracting foreign investment, and fighting corruption will ⁠be central to his administration's agenda.

Al-Zaidi is due to visit Washington ⁠in ⁠July, with the aim of deepening strategic ties with the United States.