KARACHI – Pakistan’s removal European Union’s list from the European Commission’s “List of High-Risk Third Countries” is a significant development for the crisis-stricken nation.
The Ministry of Commerce said in a statement that European authorities have removed Islamabad from the list of countries whose AML/CFT regimes have strategic flaws that pose a significant threat to their financial system.
After the relief, the legal and economic operators of the regional body will no longer be required to conduct “Enhanced Customer Due Diligence” on citizens and businesses.
An important positive step for 🇵🇰!👏
In line with last year's FATF decision,the 🇪🇺 EU has decided to remove 🇵🇰 from its list of countries with high risk regarding money laundering & financing of terrorism.@RKionka @HinaRKhar @BBhuttoZardari https://t.co/RIXpTtRfam
— EUPakistan (@EUPakistan) March 29, 2023
According to the statement, the removal from the list would likely make it easier for Pakistani businesses and individuals to conduct legal and financial transactions in the EU and reduce the time and cost involved.
After Islamabad was placed on the notorious list in 2018, the nation was subjected to a number of regulatory restrictions.
In the meantime, politicians applaud the development because it means that Pakistani exporters will have more room in the European Union.
The fifth most populous nation, which is currently experiencing the worst financial crisis, was able to avoid being included on the FATF’s global watch list for money laundering.