ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday hailed the removal of Pakistan from the European Union’s list of “High-Risk Third Countries”, saying it would facilitate the country’s businesses, individuals and entities.
“De-listing of Pakistan from EU’s updated list of high-risk third-countries is a major development which would facilitate our businesses, individuals and entities,” he said in a tweet.
The prime minister said it was a reflection of the government’s unwavering resolve to further strengthen the anti-money laundering and anti-terror financing regime.
De-listing of Pakistan from EU’s updated list of high-risk third-countries is a major development which will facilitate our businesses, individuals & entities. It is a reflection of our unwavering resolve to further strengthen anti-money laundering & anti-terror financing regime.
— Shehbaz Sharif (@CMShehbaz) March 29, 2023
EU’s High-Risk Third Countries
Earlier, the European Commission removed Pakistan from the list of its “High-Risk Third Countries”, Federal Commerce Minister Syed Naveed Qamar announced late Tuesday.
In his Twitter post, Naveed Qamar said “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.”
Qamar noted that all credit goes to Foreign Minister Bilawal Bhutto Zardari for his tireless efforts.
According to the minister Pakistan was included in the EU list of high-risk countries in 2018, which caused damage to Pakistan’s economy, exporters, and traders.
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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
The EU High-Risk Third Countries list is a list of countries that the union considers to have strategic deficiencies in their anti-money laundering and counter-terrorism financing frameworks.
The EU’s decision means that obligated entities in member states will no longer be required to apply Enhanced Customer Due Diligence when dealing with individuals and legal entities established in Pakistan.
FO welcomes decision
The Foreign Office (FO) spokesperson said that they welcomed the decision by the European Union to remove Pakistan from the list of high-risk countries, thus recognizing Pakistan’s performance in overcoming technical issues in its anti-money laundering /countering financing of terrorism.
This followed UK’s decision to remove Pakistan from a similar list in November 2022, the spokesperson said in a press release.
“The removal from the list will ease financial transactions between entities from Pakistan and the European Union. Pakistan looks forward to building on this development for mutually beneficial economic cooperation with the European Union and sharing its experience in the up-gradation of AML/CFT regimes with partner countries,” it was further added.
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