ISLAMABAD: According to Federal Commerce Minister Syed Naveed Qamar, the European Commission has removed Pakistan from its list of “High-Risk Third Countries.”
Naveed Qamar stated on Twitter, “The EU has removed Pakistan from the List of High-Risk Third Countries.” European legal and economic operators would no longer conduct ‘Enhanced Customer Due Diligence’ on Pakistani businesses and individuals.”
Qamar emphasized that Foreign Minister Bilawal Bhutto Zardari deserves full credit for his tireless efforts.
According to the minister, Pakistan was added to EU’s list of high-risk countries in 2018, causing harm to the country’s economy, exporters, and traders.
The EU High-Risk Third Countries list includes countries that the EU considers to have strategic flaws in their anti-money laundering and counter-terrorism financing frameworks.
As a result of the EU’s decision, obligated entities in member states will no longer be required to conduct Enhanced Customer Due Diligence when dealing with individuals and legal entities established in Pakistan.