The European Commission has removed Pakistan from the “List of High-Risk Third Countries,” which is a significant development for the country in crisis.
The Anti Money Laundering/Countering the Financing of Terrorism (AML/CFT) regime in Islamabad has been removed from the list of nations with strategic shortcomings that pose a serious threat to their financial system, according to a statement from the Ministry of Commerce.
The regional body’s legal and economic operators will no longer subject citizens and members of the business community to “Enhanced Customer Due Diligence.”
The statement stated that the exclusion from the list would increase the level of comfort of the European economic operators and be likely to reduce the cost and time of legal and financial transactions by Pakistani entities and individuals in the EU.
In 2018, Islamabad was added to the infamous list, which led to the imposition of numerous regulatory restrictions on the nation.
Politicians, meanwhile, applaud the development as 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.
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