The European Union (EU) on Wednesday removed Pakistan from its list of ‘High-Risk Third Countries’ for anti-money laundering and terrorist financing purposes, according to the Ministry of Commerce.
The EU Commission is mandated to identify high-risk third countries having strategic deficiencies in their regime on anti-money laundering and countering the financing of terrorism (AML/CFT).
Pakistan was included on the list in 2018, placing the country under additional regulatory restrictions.
Commerce Minister Syed Naveed Qamar in a statement revealed that EU authorities have removed Pakistan from the list.
“Pakistani businesses and individuals would no longer be subjected to ‘Enhanced Customer Due Diligence’ by European legal and economic operators,” he added.