Pakistan exits European Union’s ‘List of High-Risk Third Countries’

KARACHI – In a major development for crisis-hit Pakistan, European Commission has removed the South Asian nation from the 'List of High-Risk Third Countries'.

In a statement, the Ministry of Commerce said European Authorities have removed Islamabad from the list of those countries which have strategic deficiencies in the Anti Money Laundering/Countering the Financing of Terrorism (AML/CFT) regime that pose a significant threat to their financial system.

Citizens and business community members will no longer be subjected to “Enhanced Customer Due Diligence” by the regional body's legal and economic operators after the relief.

https://twitter.com/EUPakistan/status/1640983429360807937

The exclusion from the list would add to the comfort level of the European economic operators and be likely to ease the cost and time of legal and financial transactions by Pakistani entities and individuals in the EU, the statement said.

Islamabad was placed on the infamous list back in 2018, after which several regulatory restrictions were imposed on the country.

Meanwhile, the development is commended by politicians as Pakistani exporters will get more space 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.

Pakistan taken off from UK’s ‘High-Risk Third Countries’ list after completion of FATF action plans