Here's how I would tackle the problem:

    my @parts = (' EUR[12348]', ' EURO\.', ' CHF10', ' Y5',
                 ' NV', 'NON-CUM', ' LTD', ' FIN ', ' INTL',
                 '\$', ...);
    sub format {
        local $" = "|";
        $long =~ s/ & CO [^,]+/ AND CO/;
        $long =~ s/&/AND/g;
        $long =~ s/(?:@parts)[^,]+//g;
        $long =~ s/\s+$//g;
    }
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However, there's a difference. Your code would only remove the first occurence of ' EUR1', the first of ' EUR2', etc, while my code would remove all of the occurences. This may or may not be important to you.

Abigail