After exiting the gray record of Monetary Motion Process Drive (FATF), Pakistan has achieved one other main milestone as European Union (EU) has eliminated Pakistan from the record of Excessive Threat Third International locations.
The European Fee has eliminated Pakistan from the Record of Excessive Threat Third International locations, which have strategic deficiencies of their Anti Cash Laundering/Countering the Financing of Terrorism (AML/ CFT) regime.
The exports from Pakistan won’t be any extra liable to extra circumstances set by authorized and financial operators.
Federal Minister for Commerce Syed Naveed Qamar mentioned that the exemption is a breeze of ease for Pakistani exporters. The minister confirmed that EU has exempted Pakistan from high-risk third counties record.
Sir EU has eliminated Pakistan from the Record of Excessive Threat Third International locations. Pakistani companies and people would not be subjected to ‘Enhanced Customer Due Diligence’ by European authorized and financial operators.
— Syed Naveed Qamar (@naveedqamarmna) March 28, 2023
Pakistan was included on this record again in 2018, the restriction has been wreaking havoc on our trade, the minister added.
Naveed Qamar mentioned that each one credit score goes to Foreign Minister Bilawal Bhutto Zardari for his tireless efforts to get Pakistan off this record.
Naveed Qamar additionally confirmed the event on Wednesday stating “Pakistani businesses and individuals would no longer be subjected to ‘Enhanced Customer Due Diligence’ by European legal and economic operators.”
The minister additional mentioned that the EU had included Pakistan within the record of high-risk nations again in 2018. “This ban had put an unnecessary burden on our economy.”
It’s price mentioning right here that UK eliminated Pakistan from the record of Excessive Threat Third International locations again in November 2022.
