Pakistan gets taken off the list of "High-Risk Third Countries" by the EU.

In a tweet, Prime Minister Sharif stated that the choice would benefit all citizens, businesses, and organisations in the nation.

Pakistan gets taken off the list of "High-Risk Third Countries" by the EU.

Pakistan gets taken off the list of "High-Risk Third Countries" by the EU.

Prime Minister Shehbaz Sharif hailed the EU's decision to remove Pakistan from its list of "High-Risk Third Countries" that lack a strong anti-money laundering and combating terrorist financing framework as a significant development that will help the cash-strapped nation's companies.

The changes provide Pakistan with a much-needed reprieve during its current economic crisis.

It was described as a "major positive step" for Pakistan by the EU delegation in Pakistan.

The EU announced on Twitter that it had eliminated Pakistan from its list of nation with a high risk of  amoney laundering and terrorism financing "in line with FATF's (Financial Action Task Force) decision from last year."

It was making reference to the Financial Action of Task Force's (FATF) decision to remove Pakistan from its list and nations that were subject to "enhanced monitoring."

Pakistan's Ministry of Commerce said in a statement announcing the news on Wednesday that Pakistan's listing in 2018 had led in the creation of a regulatory burden affecting Pakistani companies doing business with the 27-member bloc.

In 2018, Pakistan was added to the list, putting it under further regulatory constraints.

The list comprises nations that the European Union believes have strategic weaknesses in their systems for preventing money laundering and funding terrorism.

In a tweet, Prime Minister Sharif stated that the choice would benefit all citizens, businesses, and organisations in the nation.

The Pakistani leader stated that the removal of Pakistan off the EU's most recent list of high-risk third-countries was a significant development that would benefit his country's enterprises, citizens, and entities.

The government's steadfast commitment to significantly bolstering the Anti-Money Laundering and Countering the of Financing of Terrorism (AML/CFT) regime is also reflected in this, according to PM Shehbaz.

The Delegated Regulation states that Nicaragua, Pakistan, and Zimbabwe have corrected the strategic flaws on their respective AML/CFT regimes and no longer pose a significant AML/CFT threat to the global financial system as a result of the actions taken to address the action plans reached with the Financial Action Task Force (FATF).

The "Obligated Entities" in EU member states will no longer be required to use "Enhanced Customer Due Diligence" when transacting with people and legal companies incorporated in Pakistan, according to the Pakistani Ministry of Commerce.

Credit institutions, financial institutions, auditors, outside accountants, tax consultants, notaries, independent lawyers (working on behalf of and for their client in any financial or real estate transaction), estate agents, and persons engaged in commerce are among the entities.

According to a statement from the ministry, Pakistan's removal off the list would increase the degree of confidence among European businesspeople and potentially reduce the cost and duration of legal and financial operations by Pakistani firms and individuals in the EU.

It would benefit Pakistan's economy, according to a statement from Foreign Minister Bilawal Bhutto Zardari.

"Enhanced consumer due diligence by European legal and economic operators would no longer be imposed upon Pakistani enterprises and people," he added.

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