Sunday, July 14, 2024
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HomeLatestPakistan Grateful after being removed from High-Risk List by EU

Pakistan Grateful after being removed from High-Risk List by EU

Pakistan Appreciates EU’s Decision to Remove it from High-Risk Countries List

Pakistan has expressed its appreciation for the European Union’s decision to remove the country from its list of high-risk countries, citing the country’s constant efforts to effectively tackle anti-money laundering and terrorism financing as the reason for the removal.

Reason for removal from the list:

Pakistan’s effort to tackle anti-money laundering and terrorism financing has been recognised by the European Union as it removes Pakistan from the list of “High-Risk Third Countries”. The country’s performance in overcoming technical issues in its anti-money laundering and countering terrorism financing is the primary reason for the removal.

Implications of the move:

The move will have a significant impact on Pakistan’s economy as businesses and individuals will no longer be subjected to “Enhanced Customer Due Diligence” by the EU’s legal and economic operators. The removal from the list will ease financial transactions between entities from Pakistan and the European Union.

UK’s decision:

The UK had removed Pakistan from a similar list in November 2022, which reinforced the international community’s confidence in Pakistan’s capabilities regarding anti-money laundering and countering terror-financing efforts.

Pakistan’s response to the EU’s decision:

According to a press release by the Foreign Office spokesperson, Pakistan appreciates the EU’s decision and views it as a positive move towards acknowledging the country’s efforts. Pakistan looks forward to building on this development for mutually beneficial economic cooperation with the European Union and sharing its experience in the up-gradation of AML/CFT regimes with partner countries.

Pakistan’s removal from the EU’s list of high-risk countries is a significant development that will benefit the country’s economy. It reflects the country’s constant efforts to tackle anti-money laundering and terrorism financing and reinforces the international community’s confidence in Pakistan’s capabilities in this regard.

The EU’s decision is based on Pakistan’s constant efforts to effectively tackle anti-money laundering and terrorism financing, and the country’s performance in overcoming technical issues in this regard. This move will ease financial transactions between Pakistan and the EU, benefitting both entities economically.

The UK’s previous decision to remove Pakistan from a similar list reinforces the international community’s confidence in Pakistan’s capabilities in countering terror-financing and money laundering.

Pakistan has expressed its appreciation for the EU’s decision and looks forward to building mutually beneficial economic cooperation with the EU and sharing its experience in upgrading AML/CFT regimes with partner countries. This development is a positive step towards a better economic future for Pakistan.

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