New Delhi, June 20 -- The global Financial Action Task Force watchdog added Iraq and Bosnia on Friday to its "grey list" of countries that require increased monitoring in their efforts to tackle money laundering and financial crime.

In a statement, FATF President Elisa de Anda Madrazo said that 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 to ensure effective supervision of the banking sector.

She said 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.

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