We acknowledge the significance of your online privacy and acknowledge that granting us permission to collect some personal information requires a great deal of trust. We seek this consent as it enables Distinct Post to offer a platform that amplifies the voices of the marginalized. By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Distinct PostDistinct Post
Aa
  • Home
  • Israel-Gaza Conflict
  • World
  • Entertainment
  • Style
  • Health
  • Sports
  • Business
  • Royals
Reading: EU removes Pakistan from “list of high-risk third countries”
Share
Aa
Distinct PostDistinct Post
  • Home
  • Israel-Gaza Conflict
  • World
  • Entertainment
  • Style
  • Health
  • Sports
  • Business
  • Royals
Search
  • Home
  • Israel-Gaza Conflict
  • World
  • Entertainment
  • Style
  • Health
  • Sports
  • Business
  • Royals
Follow US
Distinct Post > World > Asia > EU removes Pakistan from “list of high-risk third countries”
eu-removes-pakistan-from-list-of-high-risk-third-countries
Asia

EU removes Pakistan from “list of high-risk third countries”

Lisa Sean Published March 30, 2023
SHARE

The European Union (EU) has withdrawn Pakistan from its “list of high-risk third countries”, a move that is expected to enhance conditions for business activity.

In a statement announcing the news on Wednesday, Pakistan’s Ministry of Commerce said the listing of Pakistan in 2018 had resulted in creating a regulatory burden impacting Pakistani firms doing business with the 27-member bloc.

The new development would add to the comfort level of the European economic operators and is likely to ease the cost and time of legal and financial transactions by Pakistani entities and individuals in EU.”

The statement said.

Foreign Minister Bilawal Bhutto-Zardari said in a Twitter post that Pakistani businesses and individuals “would no longer be subjected to Enhanced Customer Due Diligence” by European legal and economic operators.

EU authorities have removed Pakistan from the List of High Risk Third Countries which have strategic deficiencies in their AML/CFT regime. Pakistani businesses & individuals would no longer be subjected to Enhanced Customer Due Diligence by European legal & economic operators.

— BilawalBhuttoZardari (@BBhuttoZardari) March 29, 2023

The “high-risk third countries” list includes countries that, according to the EU, do not have a strong enough regulatory and lawful system to control financial crimes and “terrorism” financing that could pose significant threats to the financial system of the bloc.

When a nation is added to the (EU)list, it is subjected to particularly enhanced scrutiny and further steps that raise the cost of doing business.

The Pakistani entities that will no longer be subjected to enhanced EU scrutiny include credit and financial institutions, auditors, external accountants, tax advisers, notaries, and independent legal professionals, among others.

Pakistan’s delegation in the EU called the removal from the list a “positive step”.

An important positive step for 🇵🇰!👏
In line with last year's FATF decision,the 🇪🇺 EU has decided to remove 🇵🇰 from its list of countries with high risk regarding money laundering & financing of terrorism.@RKionka @HinaRKhar @BBhuttoZardari https://t.co/RIXpTtRfam

— EUPakistan (@EUPakistan) March 29, 2023

“In line with last year’s FATF decision, the EU has decided to remove Pakistan from its list of countries with high risk regarding money laundering & financing of terrorism,” it tweeted, referring to the decision by the global money laundering and financing watchdog, the Financial Action Task Force (FATF), to pull Pakistan from its list of nations under “increased monitoring” after four years.

Khaqan Najeeb, a former adviser to the Ministry of Finance, praised the EU determination as evidence of Pakistan’s success in withdrawing “strategic deficiencies” that were highlighted under the FATF listing, which can severely restrict a country’s international borrowing capabilities.

In an interview with Al Jazeera, he added that this announcement shows that the EU has accepted that weaknesses in the country’s legal and regulatory systems have been upgraded and Pakistan can now prevent financial crimes and terrorist financing.

You Might Also Like

Imran Khan and Bushra Bibi Sentenced to Jail: What It Means for Pakistan?

South Korea’s Yoon Suk Yeol apologizes for imposing martial law but did not resign

Internet curbs may cost Pakistan millions of dollars daily

North Korean leader Kim Jong Un orders the ‘mass production’ of attack drones

APHC urges the world community to settle the lingering Kashmir dispute: “BJP and its puppets in IIOJK are living in fools’ paradise”

Lisa Sean August 1, 2023 March 30, 2023
Popular News
Tech

Nasa Unveils Spectacular ‘Christmas Tree Cluster’ Glistening in Cosmic Emerald Splendor

Jake Miller Jake Miller December 22, 2023
Khloé Kardashian’s Daughter True and Niece Dream, Showcase Their Dance Talents
Cillian Murphy Shows Interest in Playing Ken in Barbie Movie
Margot Robbie Enjoys Relaxing Greek Getaway After Iconic Barbie Role
Russia Moves to Ban ‘Child-Free Propaganda’ in Effort to Address Declining Birth Rate

Categories

  • Market
  • Tech
  • Fitness
  • Food
  • Celebrity
  • Fashion
  • Beauty
  • Football
  • Cricket
  • Entertainment
    • Celebrity
    • Movies
    • Television
  • Style
    • Arts
    • Beauty
    • Fashion
  • Health
    • Fitness
    • Food
  • Sports
    • Baseball
    • Basketball
    • Cricket
    • Football
    • Olympics
  • Business
    • Market
    • Tech
Useful Links
  • About us
  • Privacy policy
  • Term Of Use

2023 © Distinct Post News & Media. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?