EU removes Pakistan from “High Risk Third Countries” list.
According to the Ministry of Commerce, the European Union (EU) removed Pakistan from its list of “High-Risk Third Countries” for anti-money laundering and terrorist financing purposes on Wednesday.
The EU Commission is tasked with identifying high-risk third countries that have strategic deficiencies in their anti-money laundering and counter-terrorism financing regimes (AML/CFT).
Pakistan was added to the list in 2018, imposing additional regulatory constraints on the country.
In a statement, Commerce Minister Syed Naveed Qamar revealed that EU authorities had removed Pakistan from the list.
Sir
EU has removed Pakistan from the List of High Risk Third Countries. Pakistani businesses and individuals would no longer be subjected to ‘Enhanced Customer Due Diligence’ by European legal and economic operators.— Syed Naveed Qamar (@naveedqamarmna) March 28, 2023
“Pakistani businesses and individuals would no longer be subjected to ‘Enhanced Customer Due Diligence’ by European legal and economic operators,” he added.
Read More: Digital Banks targeting Pakistan’s unbanked population.
The news was also confirmed by Senator Sherry Rehman in a tweet who credited Foreign Minister Bilawal Bhutto with the achievement.
Good news: the EU has removed Pakistan from its list of high-risk countries. Trade will now face less obstacles for Pakistani exporters, thanks to the efforts of the Foreign Minister @BBhuttoZardari
— SenatorSherryRehman (@sherryrehman) March 29, 2023
“Trade will now face fewer obstacles for Pakistani exporters, thanks to the efforts of FM Bilawal,” she said.
Last October, Pakistan was removed from the Financial Action Task Force (FATF) global money laundering watchlist, and the United Kingdom followed suit in November.
The developments provide a much-needed reprieve at a time when Pakistan is experiencing its worst economic crisis in decades.
Ahsan Iqbal, Minister for Planning and Development, previously stated that “Pakistan desperately needs to take measures to bring the country’s economy out of crisis through sustainable export-led economic growth.”
The economy continues to remain under pressure as still-incomplete talks for the ninth review between Pakistan and the International Monetary Fund (IMF) for the revival of the loan programme — which began on January 31 and had to be finished on February 9 — are yet to conclude.
