ISLAMABAD
\nAfter exiting the grey list of Financial Action Task Force (FATF), Pakistan has achieved another major milestone under Foreign Minister Bilawal Bhutto Zardari\u2019s leadership as European Union (EU) has removed Pakistan from the list of High Risk Third Countries.
\nThe European Commission has removed Pakistan from the List of High Risk Third Countries, which have strategic deficiencies in their Anti Money Laundering\/Countering the Financing of Terrorism (AML\/ CFT) regime.
\nThe exports from Pakistan will not be any more liable to additional conditions set by legal and economic operators. Federal Minister for Trade Syed Naveed Qamar said that the exemption is a breeze of ease for Pakistani exporters.
\nThe minister confirmed that EU has exempted Pakistan from high-risk third counties list. Pakistan was included in this list back in 2018, the restriction has been wreaking havoc on our industry, the minister added.
\nNaveed Qamar said that all credit goes to Foreign Minister Bilawal Bhutto Zardari for his tireless efforts to get Pakistan off this list. Naveed Qamar also confirmed the development on Wednesday stating \u201cPakistani businesses and individuals would no longer be subjected to \u2018Enhanced Customer Due Diligence\u2019 by European legal and economic operators.\u201d
\nIt is worth mentioning here that UK removed Pakistan from the list of High Risk Third Countries back in November 2022. Foreign Minister Bilawal Bhutto Zardari had announced the development on Twitter.
\nThe United Kingdom (UK) had already officially removed Pakistan from its list of \u201cHigh-Risk Third Countries\u201d in recognition of the effective measures taken by the country against money laundering and terror financing.
\n\u201cSome good news. The United Kingdom has officially removed Pakistan from its list of \u2018High-Risk Third Countries\u2019 following our early completion of FATF action plans,\u201d Bilawal wrote, sharing a letter from the Foreign, Commonwealth, and Development Office.
\n\u201cHis Majesty\u2019s Treasury issued an amendment to the UK\u2019s High-Risk Third Countries\u2019 list ON November 14, 2022, through a Statuary Instrument. The amendment removes Pakistan from the list in accordance with the decision taken by the FATF on October 21, 2022,\u201d the official document read.
\n\u201cThe Foreign, Commonwealth and Development Office recognizes the progress Pakistan has made to improve money laundering and terrorist financing controls,\u201d it further added. Pakistan was added to the list of undesirable 21 high-risk countries with unsatisfactory money laundering and terrorist financing controls in April last year.
\nThis list of 21 countries \u2014 released by the UK Government \u2014 included countries named by the FATF as high-risk or under increased monitoring. Pakistan shared the list at number 15 with conflict-ridden countries such as Syria, Uganda, Yemen, and Zimbabwe.
\nHowever, last month (October) the FATF, a global money-laundering and terrorism-financing watchdog, finally removed Pakistan from its grey list after four years.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD After exiting the grey list of Financial Action Task Force (FATF), Pakistan has achieved another major milestone under Foreign Minister Bilawal Bhutto Zardari\u2019s leadership as European Union (EU) has removed Pakistan from the list of High Risk Third Countries. The European Commission has removed Pakistan from the List of High Risk Third Countries, which […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-322647","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-top-news"},"yoast_head":"\n