Another milestone was achieved by Pakistan. Reported by news media is that Pakistan has been removed from the High-Risk Countries list by the European Union (EU) which is aggressively working against money laundering and terrorism funding for the last few years.
An important positive step for 🇵🇰!👏 In line with last year's FATF decision,the 🇪🇺 EU has decided to remove 🇵🇰 from its list of countries with high risk regarding money laundering & financing of terrorism.@RKionka @HinaRKhar @BBhuttoZardari https://t.co/RIXpTtRfam
— EUPakistan (@EUPakistan) March 29, 2023
Yesterday, EU Parliament Proposed a New and Advanced AML Action Plan for Member States which showed stringency in the new AML regulations. Yet it removed Pakistan, a nation whose economy is already crippling and whose political state is proven unstable. Also, Pakistani leadership has been allegedly found involved in corruption and money laundering over the past few years. Yet this step shows a ray of hope to the third-world nation, for now, the EU has opened up its gates for trade and business by removing the label of a high-risk country.
According to the Commerce Minister of Pakistan Mr. Naveed Qamar, Pakistan’s business personnel will not undergo any stringent and additional monitoring of European laws anymore.
Last year in November Britain also removed Pakistan from the high-risk third countries list.
Experts say that the UK took this step as a result of the early implementation of the FATF action plan.