IT has come as a huge relief for Pakistan that the European Union (EU) has removed it from the list of High Risk Third Countries that includes nations without adequate and a robust regulatory and legal system to prevent financial crimes and \u201cterrorism\u201d financing.
\nNo doubt, such elements pose significant threats to the financial system operating under the 27-nation strong EU governing common economic, social and security policies.
\nIt was not for the first time that the country remained under increased scrutiny by the international money laundering and terrorism financing watchdog, but the targets set this time were certainly much tougher.
\nAccording to media reports, the federal ministry of commerce said in a statement that the listing of Pakistan in 2018 had resulted in creating a regulatory burden affecting Pakistani companies doing business with the 27-member bloc.
\nIt took five years of hard work by the authorities concerned in Pakistan to overhaul and strengthen the laws and to act more resolutely and responsibly to combat terror financing and money laundering to take out the country from the list.
\nThis move has been widely welcomed by Pakistan, which has been working tirelessly to improve its financial regulatory framework and address the concerns raised by the international community.
\nThe decision is significant I the sense that it will have positive economic implications for the country. It is expected to improve the business activity in the country and will help attract foreign investment and spur economic growth.
\nUndoubtedly, Pakistan has been on the front lines of the fight against terrorism for many years, and the removal from the list is the recognition of the country\u2019s sacrifices and commitment to this cause.
\nIt is necessary for the country to take some rigorous reform measures carried out by successive governments and the security agencies that helped us cross the barrier. However, it\u2019s a known fact that such matters cannot be settled without successful diplomacy and the incumbent government\u2019s efforts are bearing fruits on the diplomatic front.
\nThe EU included Pakistan in the List of High Risk Countries on 22nd October 2018 to create an undue regulatory burden on \u201cObligated Entities\u201d in the EU and there were instances whereby some of them had refused to entertain legal and financial transactions with individuals and entities based in Pakistan.
\nThe decision to remove Pakistan from the list of high-risk third countries is a positive development for the country, and a recognition of the progress made in recent years to strengthen its financial regulatory framework.
\nThis decision will have positive economic implications for the country and will help to attract foreign investment, while also sending a strong message about Pakistan\u2019s commitment to combatting terrorism and extremism. The government needs to cash in on the new development and improve its financial regulatory framework in the face of a global economic slump.<\/p>\n","protected":false},"excerpt":{"rendered":"
IT has come as a huge relief for Pakistan that the European Union (EU) has removed it from the list of High Risk Third Countries that includes nations without adequate and a robust regulatory and legal system to prevent financial crimes and \u201cterrorism\u201d financing. No doubt, such elements pose significant threats to the financial system […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[12451],"class_list":{"0":"post-322877","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-editorial","7":"tag-huge-relief"},"yoast_head":"\n