The European Commission has removed Pakistan from the ‘List of High-Risk Third Countries,’ which is a significant development for the crisis-hit country.
According to a statement issued by the Ministry of Commerce, European authorities have removed Islamabad from the list of countries with strategic deficiencies in the Anti-Money Laundering/Counter-Terrorism Financing (AML/CFT) regime that pose a significant threat to their financial system.
Following the relief, citizens and members of the business community will no longer be subjected to “Enhanced Customer Due Diligence” by the regional body’s legal and economic operators.
An important positive step for Pakistan! In line with last year’s FATF decision, the EU has decided to remove from its list of high-risk third countries regarding money laundering & financing of terrorism, Tweeted EU Pakistan.
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, being left off the list would increase the level of confidence among European businesspeople and likely reduce the cost and duration of legal and financial transactions by Pakistani entities and individuals in the EU.
Following Islamabad’s inclusion on the infamous list back in 2018, the nation was subject to a number of regulatory restrictions.
Politicians applaud the development in the meantime because it will give Pakistani exporters more room in the European Union.
The fifth most populous country, which is suffering the worst financial crisis, managed to escape Financial Action Task Force (FATF) global money laundering watch list.
Also read: FATF removes Pakistan from Grey List
