The European Union (EU) On Wednesday has removed Pakistan from its list of ‘High-Risk Third Countries’ for anti-money laundering and terrorist financing. The move comes as a relief for Pakistani businesses and individuals as they would no longer be subjected to ‘Enhanced Customer Due Diligence’ by European legal and economic operators.
The announcement was made by Commerce Minister Syed Naveed Qamar, who revealed that EU authorities have removed Pakistan from the list.
The news was also confirmed by Senator Sherry Rehman in a tweet, who credited Foreign Minister Bilawal Bhutto with the achievement.
Good news: the EU has removed Pakistan from its list of high-risk countries. Trade will now face less obstacles for Pakistani exporters, thanks to the efforts of the Foreign Minister @BBhuttoZardari
— SenatorSherryRehman (@sherryrehman) March 29, 2023
This move follows Pakistan’s removal from the Financial Action Task Force (FATF) global money laundering watchlist in October 2022 and the United Kingdom’s decision to follow suit in November.
The developments come as Pakistan faces its worst economic crisis in decades, and the country is trying to take measures to bring the economy out of crisis through sustainable export-led economic growth.