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After exiting the gray checklist of Monetary Motion Process Drive (FATF), Pakistan has achieved one other main milestone as European Union (EU) has eliminated Pakistan from the checklist of Excessive Threat Third International locations.
The European Fee has eliminated Pakistan from the Checklist 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 further situations 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 checklist.
Sir
EU has eliminated Pakistan from the Checklist of Excessive Threat Third International locations. Pakistani companies and people would now not be subjected to ‘Enhanced Buyer Due Diligence’ by European authorized and financial operators.— Syed Naveed Qamar (@naveedqamarmna) March 28, 2023
Pakistan was included on this checklist again in 2018, the restriction has been wreaking havoc on our business, the minister added.
Naveed Qamar mentioned that every one credit score goes to International Minister Bilawal Bhutto Zardari for his tireless efforts to get Pakistan off this checklist.
Naveed Qamar additionally confirmed the event on Wednesday stating “Pakistani companies and people would now not be subjected to ‘Enhanced Buyer Due Diligence’ by European authorized and financial operators.”
The minister additional mentioned that the EU had included Pakistan within the checklist of high-risk international locations again in 2018. “This ban had put an pointless burden on our financial system.”
It’s price mentioning right here that UK eliminated Pakistan from the checklist of Excessive Threat Third International locations again in November 2022.
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